Gold Prices Decline by EGP 205 Last Week

Gold prices declined by 5.6% in domestic markets, last week, following a decline in gold ounce prices in international markets by 4.5%; the biggest weekly loss for gold since June 2021. This decline was driven by the speculations about the US Fed's intention to modify the monetary policy.

Saied Embabi, the executive director of Isagha platform, said that gold declined by EGP 205 in domestic markets. The gram of 21-karat gold opened the weekly transaction at EGP 3760, and closed at EGP 3555. In the same context, the ounce opened the weekly transaction at $2684, and closed at $2563.

The gram of 24-karat recorded EGP 4063, 18-karat estimated at EGP 3047, and 14-karat recorded at EGP 2370. The gold pound reached EGP 28440.

According to the platform, the prices of gold declined in the domestic markets by 6% since the beginning of November.

Embabi highlighted that this decline is a good chance for customers to buy gold, in addition, it is a good and successful investment. 

The US Fed in Dallas said that the US economy does not give any indicators that the US Fed is not in a hurry to decrease the interest rates, and this decrease is on hold due to the fall in shares, stocks, and rise in US bond revenues.

Boston's US Fed highlighted that an interest rate decrease is recommended to take place in December, but it is not a final say.

Finally, the decline of the USD, and bond revenues restricted somehow the loses of gold, despite the positive US economic data, adding that the markets are in concern due to Trump's expected economic plans. 

Contributed by: Rana Atef