Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Slight Decrease Gold Price, 21 Karat Records EGP 788


Tue 27 Jul 2021 | 04:19 PM
walid Farouk

Gold prices fell slightly, in local markets, during today's trading, due to the dedecrease in the price of an ounce on the global stock exchange.

On the other hand, investors await the results of the US Federal Reserve meeting today and tomorrow, to determine monetary policy over the period to come.

Hani Milad, head of the gold branch at the Cairo Chamber of Commerce, said that gold prices fell slightly in the local market, after a wave of rise during the past week, supported by the decline in US bond yields and fears about an increase in infections with the Delta modified strain.

Milad added that the continuation of the Corona pandemic and the strains mutating from it, such as Delta, will push investors to safe havens, and central banks will direct the monetary easing policy, which will raise the demand for gold, as the most prominent safe havens.

He pointed out that an ounce of gold recorded $1796 on the global stock exchange, 24 karat recorded EGP 901, 21 karat recorded EGP 788, 18 karat recorded EGP 676, and the gold pound recorded EGP 6304.

Translated by Ahmed Moamar