Gold prices increased by EGP 11 in a week, despite a 3.5 percent decline in world trade markets last week, the yellow metal’s worst weekly performance in nearly four months, ending the week at $ 1920, down from $ 1970 at the start of the weekly trading process.
The decline in demand for gold as a result of the ambitious steps taken by the Russia-Ukraine peace talks and the increase in US interest rates were the primary factors behind the recent decline in gold prices globally.
Hany Milad, Head of the General Federation of Egyptian Chambers of Commerce’s Gold and Jewelry Division, stated that 21-karat gold reached EGP 893, up from EGP 882 at the start of the week.
Milad added that the 24-karat gold was valued at EGP 1021, while the 18-karat gold was sold for EGP 766.
Finally, he revealed that the gold pound had reached an all-time high of EGP 7144.