7 pounds, a decline in gold prices in Egypt

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Cairo – Mubasher: Gold prices in the Egyptian market continued to decline by about 7 pounds during today’s trading, coinciding with the drop in the global ounce price and reached the level of $ 1547 dollars, according to the Secretary General of the Goldsmiths Division of the Federation of Chambers of Commerce.

Club Naguib said in a telephone call with “Mubasher”, today, Monday, that the caliber of 18 recorded today 585 pounds, and 21 caliber reached 685 pounds, while the price of 24 caliber fell to 785 pounds.

The Secretary General of the Goldsmiths Division explained that the price of the gold pound fell to the level of 5480 pounds.

Najib attributed the decline in prices globally to the calm geopolitical tensions in the Middle East, in addition to the near signing of the trade agreement between the two largest economies in the world, China and the United States.

Globally, it has declined Gold prices worldwide In Monday’s trading, Asian stocks gained on the back of optimism that the trade would be signed.

Yellow gold was negatively affected by the rise of Asian stocks to the highest level in 19 months, prior to the planned signing of the first phase of the commercial deal.

The United States and China are scheduled to sign the first phase of the agreement at the White House next Wednesday.

And US Commerce Secretary Stephen Mnuchin said over the weekend that Chinas commitments to the first phase of the deal with the United States have not changed during the lengthy translation processes and will be disclosed this week..

Meanwhile, the flat performance of the US dollar before the signing of the trade deal made gold more attractive to buyers in other currencies..

On the geopolitical situation between the United States and Iran, Washington imposed more sanctions on Tehran on Friday and pledged to tighten economic conditions if the latter continued terrorist acts or continued nuclear explosions..

By 6:46 AM GMT, the price of gold metal futures for February delivery fell by about 0.3 percent, or $ 4.50, to drop to $ 1555.60 an ounce..

The spot price of yellow metal fell about 0.5 percent to $ 1555.11 an ounce, at a loss of $ 7.23.

In the meantime, the main index of the dollar, which tracks the performance of the American paper against 6 other major currencies, stabilized at the level of 97.348.

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