Gold prices in Egypt witnessed a decline during the past 24 hours, at a value of 11 pounds in the markets, against the backdrop of a global decline to levels of 1870 dollars, compared to 1900 dollars, due to positive data on the American economy.
The price of gold in Egypt fell from 817 pounds per gram at the beginning of trading Thursday, June 3 to levels of 806 pounds per gram today, from 21 karat, down by 11 pounds per gram, with the continued decline in the global price of gold.
The last update of the gold price in Egypt today, Friday, June 4, 2021, records stability at levels of 1870 dollars per ounce at the time of drafting this report, and here in Egypt it records 21 karat, which is the most popular in Egypt, 806 pounds, and we may witness other changes in prices until 12 pm.
And 18 karat recorded a price of 691 pounds per gram, and 21 karat reached 806 pounds per gram, and 24 karat reached 921.25 pounds per gram, and the price of the gold pound was 6448 pounds, and an ounce of gold was 1870 dollars.
Globally gold fell to its lowest level in more than two weeks, affected by the rise of the dollar, while investors awaited the non-farm payrolls data in the United States for the month of May 2021, as bets on a possible reduction of stimulus measures by the US Federal Reserve loomed.
The main reason for the decline in gold is that the dollar index jumped to a three-week high against other major currencies, making gold more expensive for holders of other currencies, while the benchmark 10-year US Treasury yields rose to 1.63%.
All eyes are on the US jobs data due to be released later today for more indications regarding the extent of the labor market recovery in the world's largest economies and the monetary policy decisions in the near term by the Federal Reserve.
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