Gold prices in Egypt fall by EGP 2 on weak global sentiment on Wednesday

Gold prices today in Egypt fell by around 2 Egyptian pounds ($0.13) as global prices of the yellow metal dropped earlier to $1,964.86 an ounce.

Spot gold tumbled 0.3 percent to reach the $1,964 level an ounce by 06:52 GMT, after hitting $1,991.91 on Tuesday, its highest since Aug. 19. The decline came after the U.S. dollar rebounded following robust U.S. manufacturing data bolstered hopes of a swift global economic recovery, rubbing some of the allure off safe-haven bullion.

Ehab Wasfy, deputy head of the gold division at the Cairo Chamber of Commerce told Amwal Al Ghad on Wednesday that the price of 21-carat gold, the most popular in the local market, rose to around 865 Egyptian pounds ($54.54).

According to data compiled by Amwal Al Ghad on Wednesday, the price of 21-carat gold, the most popular in the local market, inched higher to around 690.19 Egyptian pounds ($43.71), while 18-carat gold fell to 591.59 pounds.

The table below demonstrates the prices of gold in Egypt in Egyptian pounds (EGP) on Wednesday, September 02, 2020: