Gold Prices In Egypt Recede By Almost 600 Egyptian Pounds
Gold prices are coming down!
The recession in gold prices began after the central bank of Egypt met on Thursday to decide on the interest rate, which was left unchanged.
The decline in gold prices over the past week was dominated by declining prices globally as well as declining demand for precious metals in domestic markets during the current period, but prices were able to return to a gradual recovery during Thursday’s session.
The price of gold was stabilized at the beginning of today’s trade on Saturday, May 20, 2023, in gold shops, where the price of gold was recorded at 2,300 pounds for 21 carats, the most prevalent type in Egypt, especially the governorates of Cairo and Alexandria.
The price of gold has fallen over the past week by 3.3% to lose 80 pounds, while gold has fallen by 600 pounds per gram since hitting a historic high of 2,800 pounds per gram until last week’s low of 2,200 pounds per gram.