Gold Prices Drop by EGP 13 after US Keeps Interest Rates Unchanged

Gold prices dropped in local markets by EGP 13 today, Thursday, followed the $ 37 decline of the yellow metal ounces in world exchange trades, recording $ 1808.

Gold was negatively impacted by the US Federal Reserve’s decision of kepping interest rates unchanged.

However, the rise in inflation and the growing concerns over a possible escalation between Russia and Ukraine could restricted the yellow metal’s expected losses.

Youssef Eid, the head of El Monifeya Chamber of Commerce’ Gold Division, said that 21-karat recorded EGP 794, while 24-karat was estimated by EGP 908.

On the other hand, 18-karat was estimated at EGP 681. Finally, the gold pound was sold at EGP 6352.

Contributed by: Rana Atef