Minerals Division: Pound rise lowers gold by 2.7%

The gold market in Egypt experienced a noticeable decline in May, with a decrease of nearly 2.7%. The price of a gram of 21-karat gold dropped from 6,950 to 6,765 Egyptian pounds, due to a decline in global prices and the positive performance of the Egyptian pound against the dollar. This coincided with a decrease in the international price of an ounce from $4,630 to $4,539, as well as a weakening of the dollar against the pound, all contributing to downward pressure that pushed gold prices lower.

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