The dollar’s modest rebound against other currencies resulted in a decline in gold prices in local markets during trading on Wednesday, breaking a three-day streak of gains in the global market.
This was accompanied by hawkish statements from numerous Federal Reserve officials, which diminished expectations for a rate reduction at the upcoming September meeting.
The local markets experienced a decline in gold prices by EGP 15 during today’s trading, according to Saeed Embabi, CEO of the “iSagha” platform. A gram of 21 karat gold was documented at EGP 3125, while an ounce fell to $2343..
He went on to say that a gram of 24 karat gold was valued at EGP 3572, a gram of 18 karat gold at approximately EGP 2679, and a pound of gold at approximately EGP 25000.