Gold Prices Decline by EGP 22

Gold prices declined by EGP 22 in the local markets, as the price of an ounce of gold fell in the global stock exchange by about 2.5%, as a result of the US Federal Reserve’s decision to stabilize interest rates, with a possible raise soon.

Amr El-Laqany, First Vice President of the Gold Division at the Cairo Chambers of Commerce said that the US Federal Reserve’s decision led to the dollar’s rise to its highest level in two months, and the US Treasury bond yields also jumped.

Moreover, he added that gold is considered a hedge against inflation, but the US Central Bank's decision to raise interest rates will increase the alternate opportunity of acquiring gold that does not generate returns, reducing its investment attractiveness at the present time.

He explained that 21-carat recorded EGP 774, while the gold ounce price recorded $ 1797, 24-carat recorded EGP 885, and 18-carat is at EGP 664, while the gold pound recorded EGP 6192.

Contributed by Nada Mustafa