The price of gold in Egypt fell along with global prices in anticipation of the upcoming US Federal Reserve interest rate decision.
According to the state-owned Al-Ahram Arabic website, the price of 24 carat gold fell to LE313 per gram, whereas 21 carat gold fell to LE274.18 per gram and 18 carat gold to LE235.
On the Friday before the fall, the prices of 24, 21, and 18 carat gold were reported at LE343, LE300, and LE258 per gram, respectively.
Global gold prices fell slightly on Monday morning as investors awaited the outcome of the Fed meeting, due to take place on 18-19 June.
The Federal Reserve will meet against the backdrop of stronger-than-expected numbers coming from the US job market and retail sales. Financial markets have been looking for any clues as to whether the Fed will scale back its economic stimulus programme in light of this improvement.
The average price of an ounce of gold reached $1387.65 by 9 am Cairo time, registering a purchasing price of $1387.55 and a selling price of $1386.75.
By the end of last week, the price of gold had risen two percent in the global market, hitting $1388.16 an ounce.
According to experts, global gold prices will continue to rise because gold is considered a safe investment, especially amidst escalating tensions in the Middle East and talks of US intervention in Syria.
From : Ahram Online