Gold prices dropped by EGP 7 in local markets since last Monday due to the fall of gold ounces prices by 0.4%, recording $ 1768. This is due to investors’ concerns over the US Federal Reserves program of reducing bonds buying to compete against unstoppable inflation rates rise, in addition to concerns over the Omicron COVID-19 variant outbreak.
Moreover, there was a fluctuation in gold prices last week due to the decline in the US dollar, and the rise of concerns over the Omicron COVID-19 variant that led some countries to lockdown, and the expectations of lifting economic stimulations and rising interest rates.
Loutfi Mounib, the deputy head of the Gold Division at the Federation of Egyptian Chambers of Commerce, said that there was a fluctuation in gold prices last week as 21-karat recorded EGP 790 at the beginning of the week, shortly it hit EGP 793. Later on, it dropped to EGP 775 and finally recorded EGP 783 at the end of the week.
Regarding the gold ounce, it was sold at $ 1796 at the beginning of the week, on the other hand, it reached $ 1783 at the end of the week.
Contributed by Rana Atef
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