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Gold prices Monday 21-karat falls
Gold prices in Egypt declined today, Monday, with the 21-karat gold rate decreasing by approximately 30 pounds to reach 6,320 pounds per gram, compared to yesterday’s closing at 6,310 pounds. This decline is driven by pressures from the global market, where the gold ounce fell by 0.6% to hit a low of $4,396. Additionally, the US dollar strengthened against the Egyptian pound, coupled with weak local demand and increased reverse selling transactions. Current average prices indicate that the price gap between the local and global markets is about 30 pounds per gram for 21-karat gold, amid ongoing tensions regarding US monetary policy and rising oil prices, which are impacting the trajectory of gold prices both internationally and locally.
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