22 Hrs
Source:
بوابة الشروق
Gold markets fall amid Egypt's selling
The global gold market experienced a sudden decline of 3%, leading to a significant stagnation in the local gold market in Egypt. The price of a gram of 21-karat gold dropped to 6,100 Egyptian pounds from 6,300 pounds the previous week. This decline is due to rising oil prices, expectations of an increase in the U.S. interest rates in October, rising U.S. bond yields, and a strengthening dollar, all of which negatively impacted gold prices worldwide. Additionally, the Egyptian market has been witnessing a decline in purchasing activity since the beginning of August, with a noticeable increase in selling transactions—often to cover school expenses and installment payments. Traders are offsetting their sales by buying the same weight to avoid losses caused by price fluctuations. It’s important to note that the trader’s profit depends on making the craftsmanship (making charges) rather than on speculative trading based on gold prices.
Size: 120%Text Size
Notice: This Is an AI-Generated Summary
Comments (0)