Gold Prices Decline, 21K Records EGP 777 in Local Market

Gold prices fell in the local market during Friday’s trading, after a slight drop in the price of the ounce globally.

However, the yellow metal is close to reaching a 5-month high, supported by a weak dollar, and rising inflation, which prompted investors to hedge gold as a safe haven.

Hani Milad, Head of the General Division of Gold and Jewelry said that gold rose by 2% during the week's trading, but witnessed a decline of about EGP 10 in the local markets.

Milad added that the 24-Karat recorded EGP 888 per gram, while the 21-karat recorded EGP 777, and the 18K recorded EGP 666. Moreover, the 8g gold coin recorded EGP 6,216 in the local market, and the 31.1g ounce stood at $1,773.