2024-04-30 07:30:17
Gold prices in Egypt witnessed a significant decline for the first time since 2022.
According to the Youm7 website, gold prices declined in local markets during last week’s trading, by 4.8%, and fell by about 20 pounds.
The website stated, “A gram of 21 karat gold, which is the best-selling in Egypt, recorded 3,070 pounds, 24 karat recorded 3,509 pounds, 21 karat recorded 3,070 pounds, 18 karat recorded 2,631 pounds, 14 karat recorded 2,047 pounds, and a gold pound recorded 24,560 pounds.”
Saeed Embabi, CEO of the “iSagha” platform for trading gold and jewelry online, said: Gold prices fell in the local markets by 155 pounds during last week’s transactions, as the price of a gram of 21 carat gold opened transactions at the level of 3,255 pounds, and concluded transactions at the level of 3,100 pounds. While gold prices fell on the global stock market by $54, as an ounce opened trading at $2,391 and closed trading at $2,337.
He pointed out that “gold prices on the global stock market have become the factor influencing prices in the local market,” pointing out that “gold prices on the global stock market are still stable, and prices are expected to rise with the US Federal Reserve starting to reduce interest rates next September, which will have a Impact on price movements in the local market.”
Last updated: April 30, 2024 – 08:05
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2024-04-30 07:30:17