At the end of today’s trading, gold prices in Egypt witnessed a noticeable decline, ending the trading session on a clear decline, amid dual pressures that came from the decline in prices on the global stock market, in addition to the decline in the price of the dollar locally.
Gold prices in the Egyptian market recorded the following levels at closing:
- 24 karat: about 8114 pounds
- 21 caliber: about 7,100 pounds
- 18 karat: about 6085 pounds
- Gold pound: about 56,800 pounds
During today’s trading, the yellow metal lost approximately 110 pounds in less than 48 hours, in a wave of decline that reflects the state of rapid fluctuation that has dominated the market in the recent period, while it continues to be directly affected by global market movements.
At the global level, an ounce of gold closed down by about 0.6% to settle near the level of $4815, after touching its lowest level at $4804, compared to an opening price of $4849, while during the session it reached its peak at $4871, which is its highest level in a month.
This decline comes after a strong rise that pushed gold to breach the $4,750 level and close above $4,800. However, the return of risk appetite to global markets, and the decline in demand for safe havens, prompted investors to reduce their positions in gold, which was directly reflected in prices in the local market at the end of trading.
