On Friday, gold prices faced instability in local markets, followed the fluctuation of gold ounces prices in global exchange.
The decline of the US dollar, the outbreak of a new COVID-19 strain and the return of lockdown, the US Federal Reserve’s direction towards lifting economic stimulation packages, and the rise of interest rates were the main reason for gold prices instability.
Loutfi Mounib, the deputy head of the General Division of Gold and Jewelry at the Federation of Egyptian Chambers of Commerce, said that 21-karat reached EGP 791 at the end of the day, although it recorded two different prices during the trading: EGP 787, and EGP 797.
He concluded that 24-karat was sold at EGP 904, on the other hand, 18-karat recorded EGP 678. Regarding the gold pound, it reached EGP 6328.
Contributed by: Rana Atef