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المصري اليوم
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Gold Price Drop Causes and Future Outlook
Gold prices in the Egyptian market have decreased by 135 Egyptian pounds per gram, with the 21-karat (the most sold) gold reaching 6,100 pounds compared to 6,235 pounds at the end of the previous day. This decline coincided with a roughly 3.5% drop in the global price of an ounce. Experts explained that the decline is attributed to rising oil prices and expectations of a U.S. interest rate hike, along with ongoing stagnation in purchasing activities despite increased sales volume. They added that future fluctuations in gold prices will depend on the developments of the Russia-Ukraine conflict, with an anticipated change within a 3-4% range upward or downward, and no expectation of significant declines again.
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