Gold declined in local markets last week by EGP 12, amid the fall of gold ounces in global exchange, recording $ 1796, due to the rise of US bonds’ interests, and the expectations of the interest rates’ increase by the US Federal Reserve.
Therefore, gold experienced its weekly lowest performance since last November.
The head of the Gold Division at the Monofiya Chambers of Commerce Eid Youssef said that 21-karat recorded EGP 788 at the end of the week as prices fell by EGP 12.
He added that 24-karat was sold at EGP 901, on the other hand, 18-karat reached EGP 676. Regarding the gold pound, it was traded at EGP 6304.
Finally, Youssef concluded that gold is safe instrument against inflation, but it is effected by interest rates which increase the opportunity cost for costumers.
Contributed by: Rana Atef