Gold prices fell sharply in the local markets during the middle of trading today, Saturday, following the International Monetary Fund agreed to grant Egypt a loan of $ 3 billion, while the global stock market witnessed its weekly holiday.
And gold prices in global markets rose at the end of the week’s trading yesterday, Friday, to settle at the level of $ 1794, due to expectations that the US Federal Reserve will continue to tighten monetary policy, to confront inflation, and raise interest rates during the next year.
Saeed Imbaby, executive director of the “iSagha” platform for trading gold and jewelry via the Internet, said that gold prices in the local markets declined sharply in the local markets, as a gram of 21 carat gold fell to the level of 1775 pounds, which is the actual price for implementation.
He added that the failure to announce prices on pricing platforms and channels gave some an opportunity for manipulation, and the occurrence of varying prices in the market, but “iSagha” is committed to announcing the actual and real prices.
He added that a gram of 24 karat gold recorded a level of 2029 pounds, an 18 karat recorded a level of 1522 pounds, a 14 karat recorded a level of 1184 pounds, and a pound of gold recorded a level of 14,200 pounds.
Imbaby expected that the market would witness a state of stability and calm following Egypt obtained an International Monetary Fund loan, in addition to its efforts to obtain other loans worth $1.6 billion from development partners.
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