Gold Prices Drop by EGP 56 in June, 21-Karat Records EGP 764

Gold Prices dropped in local markets by EGP 56 in June including last week’s EGP 42 decline. This fall in gold prices is driven by the gold ounces prices drop in global exchange, the rise of US Treasury bonds interests, and the expected ease of the economic relief measures by the US Federal Reserve in the third quarter of the year.

In the same context, Hani Milad, the head of the Gold Division at the Chamber of Commerce in Cairo, said that 21-karat recorded EGP 764 at the end of the week, comparing to EGP 805 at the beginning of the week. Moreover, the prices of the ounces reached $ 1764 at the end of the week, comparing to $ 1877 at the end of the week’s trade.

He added that 24-karat was traded at EGP 873, while 18-karat recorded EGP 655. Regarding the gold pound, it was sold at EGP 6112.

It is expected that gold prices would see another wave of rising after the increase of inflation rates in the US economy through the past few weeks which may encourage the investors to buy more gold. The expected wave of gold buying could increase demand levels in the markets.

Contributed by: Rana Atef