Gold prices declined by EGP 14 in local markets on Thursday due to gold ounces prices drop to $ 1754 in world exchange.
The main reasons for this decline is the rise of the US dollar. In addition, investors are still looking forward to US Federal Reserve’s board meeting regarding the timeframe of restricting the measures of the economic stimulation, and the rates of interest.
Loutfi Mounib, the Deputy Head of the General Division of Gold at the Federation of Egyptian Chambers of Commerce, said that gold prices declined in local markets after the fall in gold prices in world exchange.
He added that 21-karat recorded EGP 772, while 24-karat reached EGP 882. On the other hand, 18-karat was sold at EGP 662.
Regarding the price of gold pound, it was estimated as EGP 6176.
Mounib concluded that gold is a good instrument against inflation, and the decline of currencies’ values, in addition, restricting the latest measures of economic stimulation can impact gold.
Contributed by: Rana Atef