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Gold in Egypt traded at a 37-pound discount per gram
Gold prices in Egypt have dropped significantly, with the price losing over 130 Egyptian pounds per gram at the start of the trading day. This decline was driven by a 3.2% drop in the global gold ounce price, reaching its lowest level in about seven weeks at $4,142. The market continues to be affected by the global gold movement, rising oil prices, and expectations of an interest rate hike in the United States. The price of 21-karat gold in Egypt began at 6,100 pounds per gram, then fell to around 6,090 pounds, compared to yesterday's closing at 6,230 pounds, marking a loss of 130 pounds. The local market is suffering from decreased demand and increased export activities. Meanwhile, gold prices are still trading at a discount of over 37 pounds compared to the fair value, due to the abundant supply.
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