Gold prices in Egypt continued to decline, but at a weak pace during the mid -trading today, despite the slowdown in the pace of the price of the dollar against the pound, and the decline in gold prices globally after the federal raised the interest rate of 75 basis points, and expectations of continuous raising them to control inflation.
And in Egypt, the average cost of a gramme of gold dropped to 1.
To reach 1357 pounds for 24 gramme, today’s weight of 50 pounds was added to yesterday’s loss of roughly 10 pounds.
The cost of 22 carat gold has reduced by 2 pounds to cost 1244. 5 pounds per gramme, the cost of 21 carat gold has decreased by 2 pounds to cost 1188 pounds per gramme, and the cost of 18 calibre gold has decreased to cost 1018 pounds per gramme.
The pound lost the gold weighing 8 grams of 21 carat, at a value of 16 pounds, after it fell at a value of 40 pounds in yesterday’s trading, recording 9504 pounds.
The price of gold dropped at a time when the dollar’s value increased relative to the pound, and this caused the price of an ounce of gold to drop internationally to its lowest levels in two weeks.
The dollar recorded slight altitudes in the middle of trading today, an increase ranging between 5 to 10 piasters, to reach 24. 15 pounds for purchase and 24. 25 pounds for sale in the largest bank of Al -Ahly and Egypt.
While gold prices fell globally to its lowest level in two weeks on Thursday, with the rise of the dollar after the strict statements of the Federal Reserve Chairman (US Central Bank) Jerome Powell dismissed the hopes of reducing the policy of cash tightening as of next December.
US gold futures declined 1.3% to $ 1628.30 per ounce, while gold prices in immediate transactions fell 0.5% to $162.6 per ounce.
In an effort to curb inflation, the US Central Bank increased interest rates by 75 basis points on Wednesday, while emphasising that it is still too early to predict when the rate hikes will end.
Despite the global price of gold falling, there has been a modest decrease in gold prices in Egypt.
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