Gold Prices dropped local markets today, Thursday, impacted by the decline of gold ounces prices by 0.4% in global exchange markets, recorded $ 1764, due to investors’ concerns over the US Federal Reserves program of reducing bonds buying to compete against unstoppable inflation rates rise, in addition to concerns over Omicron COVID-19 variant outbreak.
Loutfi Mounib, the deputy head of the Gold Division at the Federation of Egyptian Chambers of Commerce, said that gold prices in local markets declined by EGP 9. Therefore, 21- Karat was estimated at EGP 777, compared to EGP 786 yesterday.
He added that gold prices in the local markets hit EGP 888 for 24-karat, EGP 666 for 18-karat, and EGP 6261 for the gold pound.
In the same context, he expressed that gold is a safe tool against inflation, however, reducing the measures of economic stimulation, rising interest could motivate the revenues of bonds’ interests.
Contributed by Rana Atef