The gold prices fell by EGP 17 last week in domestic markets, in addition, the prices of the ounces declined by 1% to record its low performance for the third week in a row.
The reasons for this decline were due to the strict monetary policies that came to action by the central banks, alongside the expectations of increasing the interest rates by the end of this month to resist inflation.
Saied Embabi, the CEO of Isagha Platform, said that gold ounces recorded $1825 by the beginning of the week, shortly it fell to $ 1785, before it registered $ 1812 by the end of the week.
Embabi explained that 21-karat reached EGP 1006 by the beginning of the week, however, it hit EGP 989 by the end of the week.
He added that 24-karat was sold at EGP 1130, while 18-karat hit EGP 848. On the other hand, 14-karat was estimated at EGP 659. Finally, the gold pound recorded EGP 7912.
Therefore, he revealed that gold markets get ready for the soon start of the season of marriages, celebrations, vacations, and fests which could increase sales.
Contributed by: Rana Atef