Commodities
Egypt Gold Prices Plunge Amid Global Decline
Gold prices in Egypt plummeted on September 28 as global bullion prices dropped more than 2% due to rising oil prices and inflation concerns. This decline comes amid expectations of further US Federal Reserve interest-rate hikes.
The 24-karat price fell to EGP 6,960 for purchase and EGP 6,882.74 for sale, according to Dahab Masr by 10:07 am Cairo time. The 21-karat gold reached EGP 6,091 for buying and EGP 6,023 for selling.
The drop was a result of a broad-based decline in gold prices on September 27. Globally, spot gold fell 2.7% to $4,171.85 per ounce as of 06:27 GMT on Monday, its lowest level since early August.