Due to the drop in the price of an ounce globally, gold prices in Egypt experienced sharp falls during last week’s trade, reaching 43 pounds per gramme. However, the strengthening of the dollar against the pound caused further losses for gold.
The price of a gramme of 24 carat gold decreased by 43 pounds during last week’s transactions, falling to 1234 pounds from 1277 pounds the week before.
During last week’s trade, the cost of a gramme of 21-karat gold decreased from levels of 1117 pounds to levels of 1080 pounds, losing almost 37 pounds.
A gramme of 18-karat gold cost 957 pounds when trading began last week, but by the end it had dropped to 925 pounds after suffering a loss of around 32 pounds.
Last week’s trade saw a loss in the price of the gold pound in Egypt of roughly 296 pounds, bringing it down to 8640 pounds as opposed to the 8936 pounds that had marked the completion of the week’s transactions at that point.
The Gold Division of the General Federation of Chambers of Commerce attributed the decline in gold prices in Egypt to the increase in the supply of gold locally with a decrease in demand for it, noting that setting prices is subject to the price of the dollar against the pound and the supply and demand in the market.
The price of gold in spot contracts is now 1694 dollars per ounce, while the price in futures contracts is now 1701 dollars per ounce, as global gold prices ended the week’s trading with losses of 19 dollars per ounce.
Global gold prices fell as a result of predictions that the US Federal Reserve would hike interest rates by 75 basis points following the release of non-farm employment figures that exceeded forecasts.
Important: Over the previous week, “gold” prices in Egypt decreased by 43 pounds per gramme.
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