Gold Prices Fall by EGP 306 during 2nd Quarter of 2022

Gold prices continued to decline in local and global markets, due to the rise of the dollar.

Saeed Embabi, a member of the Gold Division of the Cairo Chamber of Commerce, said gold prices fell by EGP 4 during today’s trading, as 21-karat recorded 993, and the ounces reached $1811.

He pointed out that gold prices recorded their worst performance in global markets during the second quarter of 2022, as the ounces fell by $96, after touching the level of $1907 at the beginning of last May.

The prices locally fell by EGP 306 after 21-karat recorded EGP 1,300 during May’s trading, due to the dollar crisis in the parallel markets.

The dollar is close to posting its best quarterly performance in more than 5 years, making gold more expensive for buyers holding other currencies.

Embabi noted that 24-karat reached EGP 1135, while 18-karat was estimated at EGP 851, and 14-karat hit EGP 662. Finally, the gold pound recorded EGP 7944.

Contributed by Israa Farhan