Gold prices declined in local markets today, Wednesday, impacted by the fall of gold ounces in world exchange markets, recording $ 1816.
The latest drop in the prices was driven by the rise in US Bonds' profits to the highest point in two years in the light of US Federal's interest rates increase's expectations which caused the fall of demand by investors for gold.
Furthermore, traders and investors are still looking forward to the meeting of the US Federal's panel on January 25, and 26 as they expected the release of a strict methodology to compete against the continued rise in inflation that recorded 7%, the highest in almost 40 years.
In the same context, Eid Youssef, the head of the Gold Division at Cairo's Chamber of Commerce, that gold prices registered a slight drop in local markets by EGP 1 on Wednesday.
Eid added that 21-karat was estimated at EGP 795, on the other hand, 24-karat recorded EGP 909, while 18-karat was sold at EGP 682.
Regarding the gold pound, it reached EGP 6360.
Finally, he pointed out that gold is a safe economic instrument against inflation, however, the increase of the interest rates could impact the yellow metal.
Contributed by Rana Atef
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