Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Gold Prices Drop; 21-Karat Hits EGP 1050


Fri 27 May 2022 | 04:08 PM
walid Farouk

Gold prices witnessed a slight decline in the local market during the Friday's trading despite the hike in the gold ounce’s price on the global stock.

Said Embaby, CEO of i-Sagha, pointed out that the drop in the dollar affected the investors' demand for gold as a safe haven amid the current economic crisis.

Embaby added that the investors' demand plummeted, causing a decline in the gold prices in the local markets during today's trading, highlighting the rise in the exchange rate of the dollar against the pound which reached EGP 18.64.

Moreover, the CEO of i-Sagha mentioned that the 21-karat recorded EGP 1055, while the 24-karat reached EGP 1206. The 18-karat stood at EGP 905, while the 14-karat gold was valued at EGP 704.

In addition, the gold pound reached EGP 8440 and the gold ounce was estimated at $1860.

Contributed by Omnia Ahmed