Gold prices decreased in the local markets during trading on Tuesday, driven by the stability of the ounce on the global stock exchange, to a record 1776 dollars, due to the rise of the dollar, by 0.2%, while the markets are awaiting a possible escalation in the Sino-US tension.
Gold prices rose by 2.3% last week, achieving their best performance since last March, after statements by “Jerome Powell”, the chair of the US Federal Reserve, to follow less restrictive policies during the coming period.
Eid Youssef, head of the gold division in the Menofia Chamber of Commerce, said that gold prices decreased by about EGP15 during today’s trading in the local markets, where a gram of 21 karat gold recorded EGP975.
He added that a gram of 21 karat gold recorded EGP 1033, and an ounce witnessed a slight increase in global markets.
He added that the local market took proactive measures to raise prices, in light of expectations of a new float for the pound, after raising interest rates, and the International Monetary Fund’s demands for a new loan, as the dollar price rose against the pound, touching 19 pounds in yesterday’s trading.
He added, that a gram of 24 karat gold recorded EGP 1181, a gram of 18 karat gold recorded EGP889, a gram of 14 karat gold recorded about EGP 689, and a gold pound recorded EGP 8264.
Translated by Hassanain Tayea