Gold prices fell in local markets during trading on Wednesday, snapping a three-day winning run in the global market thanks to a minor bounce in the dollar versus other currencies.
This was combined with hawkish sentiments from numerous Federal Reserve officials, lowering expectations for a rate drop at the forthcoming September meeting.
According to Saeed Embabi, CEO of the “iSagha” platform, gold prices fell by EGP 15 in local markets today, with a gram of 21 carat gold trading at EGP 3125 and an ounce at $2343.
He went on to say that a gram of 24 karat gold costs EGP 3572, a gram of 18 karat gold costs around EGP 2679, and a pound of gold costs around EGP 25000.