Gold Prices Decline by EGP30, 21-Karat at EGP 1050

Gold prices in the local markets fell by EGP 30 during the midday trading session, Wednesday, and the ounce price fell to $1815, to be near its lowest level since late January.

This came amid the recovery of the US dollar, and the statements of the US Federal Reserve to raise interest rates to reduce inflation.

Said Imbabi, Executive Director of the “i-Sagha” said that gold prices declined in the local markets, adding that the 21 karat gold recorded EGP1050.

Moreover, he added the 24 karat gold is sold at $1200, the 18 karat recorded at $900, and the gold pound recorded at EGP 8400.

The gold markets are awaiting the decision of the Central Bank of Egypt (CBE), regarding interest rates, which will affect the price movement.

Contributed by Nada Mustafa