Gold Prices Fell as Dollar Strengthens

Gold prices fell in the local markets by L.E 5, as the dollar's strong run with more news about aggressive U.S. interest rates by 100 basis points when it meets next week.

Global gold prices went down more than 1% to $1700 per ounce, tracking lower global rates after hotter-than-expected US inflation data.

Saeid Imbaby. i Sagha CEO, said, “Gold prices declined in Egypt on Tuesday with the price of 21-karat falling by L.E5 per gram to LE975, compared to Wednesday's prices.”

He added that 24 karat gold is sold at EGP 1115; 18 karat gold is sold at EGP 836, while the gold pound inched down to EGP 7800.

Also in this regard, he noted that 24 karat gold recorded EGP 650, adding that U.S. interest rates have made the yellow metal no more attractive to an income-seeking investor.

Contributed by Ahmed Emam