Gold prices sharply fell in the local markets at the close of trading on Monday due to the decline in the price of the ounce globally by 0.9%, to lose 16.9 dollars during last week’s trading.
Eng. Lotfy Munib, the deputy head of the General Gold Division at the General Federation of Chambers of Commerce said that gold prices fell by EGP 20 in local markets to record EGP 797 for the 21 karat, while the 31.1g ounce recorded $1818.
Munib added that 24K recorded EGP 911, the 18k recorded EGP 683, and the 8g gold coin recorded EGP 6376.
He pointed out that any increase in interest rates reduces the demand for the yellow metal, which does not generate many profits, but rather is used as a safe haven.
He added, that gold recorded this week its 5-month high due to high inflation rates, and its repercussions in 2022.
Translated by Hassanain Tayea