Gold prices decline 7.7% in Egypt within one week

Gold prices decline 7.7% in Egypt within one week

Gold prices in Egypt fell by 7.7% during the trading week ending on Saturday evening, while the ounce declined by 0.4% in the global markets during the trading week ending last Friday evening.

This decline is attributed to the strong rise in the US dollar index at the end of the week, after the statements of members of the US Federal Reserve confirmed the commitment of the US Central Bank to keep interest rates high for a longer period. In addition to the release of US data, expect an increase in inflation rates to about 4.5% during this May.

CEO of Dahab Masr Fady Kamel said that gold prices in Egypt declined due to the repercussions of the government’s decision to allow citizens returning from abroad to bring any amount of gold, whether ingots, pounds or artifacts, without incurring any fees other than a value-added tax for only six months. This prompted citizens to sell gold they own due to fears from sharp decline in prices after pumping more gold ore and increasing the supply.

Saeed Imbaby, Executive Director of the iSagha platform for trading gold and jewellery via the internet, said that gold prices fell by EGP 200, in local market during