Gold Prices in Egypt Decline on Thursday, August 28
Gold prices in Egypt edged lower on Thursday, with most key carats recording declines in today’s market update.
The benchmark 24-carat gold fell by EGP 6, trading at EGP 5,280 for selling and EGP 5,257 for buying, compared to the previous levels of EGP 5,286 and EGP 5,263, respectively.
Similarly, 22-carat gold dropped by EGP 5, reaching EGP 4,840 for selling and EGP 4,819 for buying, down from EGP 4,845 and EGP 4,824.
The most traded 21-carat gold slipped to EGP 4,620 for selling and EGP 4,600 for buying, also a EGP 5 decrease from yesterday’s EGP 4,625 and EGP 4,605.
Meanwhile, 18-carat gold recorded EGP 3,960 for selling and EGP 3,943 for buying, down EGP 4 from the previous update.
Other carats also saw minor declines:
14-carat gold: EGP 3,080 (selling) and EGP 3,067 (buying), down EGP 3
12-carat gold: EGP 2,640 (selling) and EGP 2,629 (buying), down EGP 2
On the global benchmark scale, the price of an ounce of gold dropped by EGP 177, standing at EGP 164,226 for selling and EGP 163,516 for buying, compared to the previous EGP 164,404 and EGP 163,693.
The price of the gold pound (guinea) in the local market also retreated, trading at EGP 36,960 for selling and EGP 36,800 for buying, down by EGP 40 from the last update.
The declines come amid fluctuating global gold prices and anticipation of the Central Bank of Egypt’s policy decision later today, which could impact investor sentiment and currency movements in the local market.