The gold prices have seen a slight decline on Wednesday in the local scene driven by the ounces prices drop in the global stock exchange.
Hani Milad, the Head of gold division at the Chamber of Commerce of Cairo, said that the gold prices dropped by EGP 2 after witnessing a temporary rise yesterday at EGP 761 for 21-karat. He added that the ounces were traded at $ 1738.
Regarding today’s gold prices, Milad highlighted that 21-karat recorded EGP 759, 24-karat reached EGP 868, 18-karat was traded at 652, and the gold pound recorded 6072.
Finally, he predicted a new rise in the gold prices due to the increasing levels of inflation on the occasion of the applying of the latest stimulating Federal Reserves decisions for improving the performance of the American economy amid Coronavirus crisis.
Contributed by: Rana Atef