Reasons for the decline in gold prices in Egypt

Head of the Gold Division in Egypt, Hani Milad, revealed, during his press statements, the reasons for the decline in gold prices in recent days.

Raising interest

Milad pointed out that the global price of gold declined significantly, recording the price of an ounce of gold at less than $1,850, which was reflected in the local market.

He added that the ongoing interest rate hike by the US Federal Reserve, in addition to the European Central Bank’s decisions to raise interest rates and expectations that they will remain high for a longer period than expected, are fundamental factors that pushed gold prices globally and locally to decline.

Good opportunities to buy gold

Milad pointed out that this drop in prices provides a good opportunity to buy, and this opportunity may continue until the end of the year, and at the beginning of the new year the gold market may witness increases in prices. Milad explained that he considers this the most appropriate time to buy gold.

Tips for investing in gold

For his part, the economist, Dr. Hani Kamal, said during his press statements that gold is usually considered an investment diversification tool and a safe haven, and can have the ability to maintain value in periods of economic instability.

He continued that before making the decision to invest in gold, it is advisable to conduct extensive research and evaluate the current economic and political conditions.

Investing in gold is a protection against inflation

The economist explained that gold may be sustainable in the long term and is considered a protection against inflation, while at the same time it can be affected by factors such as interest rate changes and global economic developments.

He added that, therefore, it is important to study the influencing factors and evaluate risks before making the decision to invest in gold.

The economist continued: “Moreover, you can consider diversifying your investment portfolio to include other categories of assets such as stocks, bonds, and real estate, as it can provide an additional balance according to your financial goals and level of risk tolerance.”

Gold prices in Egypt today

• The price of 24 karat gold recorded 2451.5 pounds.

• The price of 21 karat gold recorded 2145 pounds.

• The price of 18 karat gold recorded 1838.5 pounds.

• The price of the gold pound is 17,160 pounds.

• The price of an ounce on the global market recorded $1833.