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Gold prices Decline, 21-Karat Records EGP 963

walid Farouk by walid Farouk
3:18 PM July 6, 2022
Gold prices Decline, 21-Karat Records EGP 963
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Gold prices fell in the domestic markets today, Wednesday, after the decline of the ounces in the world exchange markets to $1766.

Gold markets are still looking forward to the results of the US Federal Reserve meeting at the end of the month, alongside the performance of the US dollar which experiences a good one.

Eid Youssef, the director of the Kafr El Sheikh Chamber of Commerce’s gold division, said that 21-karat hit EGP 963 in domestic markets which was lower than yesterday’s price by EGP 2.

He added that 21-karat lost EGP 24 in a week as it reached EGP 965 by the of the trading process instead of EGP 987 by the beginning of the week.

Furthermore, 24-karat was estimated at EGP 1101, while 18-karat was sold at EGP 826, and finally, 14-karat was registered at EGP 642.

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Regarding the gold pound, it hit EGP 7704.

Youssef explained that the decline of the Egyptian pound restricted the fall of the gold prices as it recorded EGP 18.89 against $1 in the Egyptian banks, while the US dollar lost 25% of its value since March 21 by hitting its lowest level Yesterday, Tuesday.

Contributed by: Rana Atef

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