Gold prices stabilized in local markets, however, they dropped globally as ounce recorded $1664.
There is a deep anticipation by investors for the results of the upcoming US Fedral Reserve’s meeting and the new decision for the interest rates. There are some expectations point to another increase in interest rates by 75 points for fighting inflation.
Gold recorded its biggest weekly loss last week by 2.5%.
Eid Youssef, Gold Division’s Head at the Monofia’s Chamber of Commerece, said that 21-karat reached EGP 1116.
Youssef added that 24-karat was sold at EGP 1275, while 18-karat hit EGP 957, while 14-karat hit 744 EGP. On the other hand, the gold pound recorded EGP 8928.
He pointed out that there are several factors would impact the performance of the yellow metal in local markets including the upcoming meeting of the US Federal Reserve, the meeting of the Central Bank of Egypt, and the discussions of several central banks around the world.
Contributed by: Rana Atef