Gold prices fell in the local markets at the close of trading on Friday due to the decline in the price of the ounce globally, amid a possibility that the Feds would raise rates faster than expected.
Hani Milad, Head of the General Division of Gold said that gold prices fell by EGP 6 in local markets to record EGP 809 for the 21 karat, while the 31.1g ounce recorded $1809.
Milad added that 24K recorded EGP 925, the 18k recorded EGP 694, and the 8g gold coin recorded EGP 6472.
He pointed out that any increase in interest rates reduces the demand for the yellow metal, which does not generate many profits, but rather is used as a safe haven.
He added, that gold recorded this week its 5-month high due to high inflation rates, and its repercussions in 2022.
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