Gold prices dropped by 1.4% in world exchange since the beginning of the week to record the gold's first decline in five weeks due to the US dollar rise. Gold ounce was estimated at $ 1788.
Loutfi Mounib, the Deputy Head of the General Division of Gold at the Federation of Egyptian Chambers of Commerce, said that gold prices declined in local markets after the fall in gold prices in world exchange.
He added that 21-karat recorded EGP 783, while 24-karat was sold at EGP 895, on the other hand, 18-karat reached EGP 671.
Regarding the price of the gold pound, it recorded EGP 6264.
Mounib predicted that gold would see a new rise soon due to the expectations of the US Federal Reserve’s intention to keep the rate of interest near zero to preserve the US economy’s growth.
Contributed by Rana Atef
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