Gold prices continued to decline in the Egyptian market during the past days, in line with the global declines witnessed by the prices of the precious metal.
Globally, the price of gold fell to the lowest levels in 6 weeks Against the rise of the dollar amid expectations that the US Federal Reserve will raise interest rates in March 2022, gold futures fell by 0.17% to the level of $1790.1 when settling last Friday’s trading, to record a weekly decline of regarding 2.5%.
In Egypt, gold prices witnessed a noticeable decline during the past 48 hours, causing prices to lose regarding 17 pounds for all circulated calibers.
According to the Gold Division, the 21 carat gold gram, which is the most traded in Egypt, fell by 2.1% to the level of 787 pounds, compared to regarding 804 pounds at the end of last week’s trading, losing regarding 17 pounds in just 48 hours.
As for a gram of 18 karat gold, it recorded 675 pounds, and the price of 24 karat reached 900 pounds, and the price of the gold pound amounted to 6296 pounds, and an ounce of gold went down to the level of 1792 dollars.
During the last week of this month, gold prices declined significantly in the global market, as the precious metal recorded a weekly decline of 2.9%, bringing the price of an ounce down from 1845 to 1792 dollars, losing regarding 54 dollars in trading over the course of last week’s trading.
Expectations indicate the possibility of gold rebounding to record a slight relative increase during the trading of next February, before returning to decline significantly with the next meeting of the US Federal Reserve, which is scheduled for the month of March 2022, and with the direction of the US Central Bank to raise interest rates, gold may continue to record low levels during This year, the precious metal is witnessing the largest wave of decline since the emergence of the Corona pandemic.
And earlier last week, gold prices had recorded significant increases, touching their highest level in more than two months, due to the increasing tensions around Ukraine and the increase in volatility in the markets, which led to an increase in interest in the precious metal, which is one of the most important list of safe havens.