Gold Prices Stable, 21-Karat Records EGP 1003

Gold prices have stabilized in local markets in today’s trading, where the gold prices in spot trading recorded $1822 an ounce.

Gold prices witnessed a slight decline at the close of Monday's trading.

Saeed Embabi, the CEO of Isagha platform for trading gold and jewelry, gold prices were relatively affected by global markets, after the US, UK, Japan, and Canada announced their intention to impose a ban on imports of freshly mined gold from Russia, during the G7 leaders' summit that started on Sunday.

He added that the repercussions of the decision are formal, and its impact will be relative to the movement of gold prices, as a result of these countries restricting the import of Russian gold since last March.

Embabi pointed out that the high rates of inflation and the slowdown in the global economy represent the most influential factor in the movement of gold prices during the current period, which pushes investors to gold as one of the safe havens, despite the pressures on gold, with central banks implementing tighter monetary policies and raising interest rates, thus reducing the investment return of gold, and limiting its strength as a store of value.

He explained that gold prices witnessed relative stability during today's trading, as an ounce recorded $1822, and 21-karat gold reached EGP 1003.

Embabi added that 24-karat reached EGP 1144, while 18-karat was estimated at EGP 860, and 14-karat hit EGP 669. Finally, the gold pound recorded EGP 8024.

Contributed by Israa Farhan