Gold prices plummet in Egypt and gram loses 7 pounds once yo

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01:14 PM

Friday 08 November 2019

Written by Shaima Hifzi:

Gold prices fell in Egypt on Friday, as a result of a significant decline in the price of crude oil globally.

Naguib, Secretary General of the Gold Division at Cairo Chamber of Commerce, told Masrawy that gold prices fell during today's trading by about 7 pounds per gram, as a result of the decline in the yellow metal ore.

The gram of gold caliber 21 today 662 pounds compared to 669 pounds yesterday, and the price of grams of 18 carat gold to about 567 pounds, and the caliber 24 to 756.6 pounds, and recorded the gold pound 5296 pounds, according to Naguib.

Globally, gold prices are headed for the biggest weekly drop in two and a half years as optimism about a US-China trade deal boosts risk appetite, limiting appetite for the precious metal.

By 0517 GMT, spot gold was trading at $ 1468.86 an ounce, almost unchanged, heading towards the biggest weekly decline since May 2017. In the previous session, prices fell 2% to its lowest level in more than a month.

Global stocks rose and the dollar index gained after officials said on Thursday that the United States and China had agreed to eliminate tariffs on one another's goods if the first phase of a trade deal was reached.

Gold Price (t) Naguib Club (t) Cairo Chamber of Commerce

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