Gold Prices Decrease by EGP 6 in Week

Gold prices fell by 6 pounds during trading last week, with an ounce declining by 0.2% on the global stock exchange.

Amr El Maghraby, a member of the board of directors of the Gold Division at the Chamber of Commerce in Cairo, said; gold prices witnessed a slight decline during the week’s trading, especially with the closure and suspension of market movement during the Eid al-Adha vacation that prevented any decline.

El Maghraby added that the 21-karat is the most widely traded in the local market, noting that the week’s trading opened last Monday at EGP 795, and it concluded, on Saturday, at EGP 789. On the other hand, the ounce opened at USD 1812 and concluded at USD 1802.

Furthermore, he pointed out that 24-karat recorded EGP 902, 21-karat reached EGP 789, and 18-karat recorded EGP 676, and the price of the gold pound reached EGP 6312.

He also expected that gold would achieve more gains in the light of the increase of US and restrictions related to the outbreak of the Delta variant, as these factors would encourage investors to buy more gold as an anti-inflation tool.

Contributed by Omnia Ahmed @