Gold prices in Egypt fell during evening trading on Monday, March 8, 2021, as the price of precious metal fell globally.
Globally, gold prices continued to bleed losses, losing about 1% of their value on Monday, the lowest level in nine months.
Gold prices in Egypt rose slightly by about one pound per gram during morning trading, before falling again in the evening.
Gold prices in Egypt vary according to regions and calibers, with the value of the factory (the merchant’s wage for each gram in gold coins) ranging from 30 to 60 pounds.
The price of 24 per gram of gold in Egypt, during the evening trading on Monday, was recorded at traders and stores of jewellers, about 853.75 pounds, compared to 859.5 pounds in the morning.
The price of 21-carat gold in Monday evening was around 747 pounds, compared to 752 pounds, on Monday morning.
The price of 18-carat gold in Egypt fell on Monday evening, to 640.25 pounds, compared to about 644.5 pounds in morning trading.
Egypt’s Economic Gold Prices
The price of a gram of 14-carat gold in Egypt fell to about 498 pounds, compared to about 501.25 pounds in the morning.
The price of 12-carat gold fell to 426.75 pounds, compared to 429.75 pounds in the morning.
The price of the pound gold in Egypt (8 grams of 21 caliber) was about 5,976 pounds, compared to 6,016 pounds in the morning.
The price of an ounce of gold in Egypt fell in monday evening trading to $1,681.
Global gold prices
Gold prices globally were affected by the rise of the dollar and the fact that u.S. Treasury bond yields remained high, reducing the attractiveness of the precious metal.
Spot gold fell to $1,683.68 an ounce, its lowest level since June 8, before recovering slightly to $1,691.40 by 1350 GMT.
U.S. gold futures fell 0.3% to $1,692.60 an ounce.
The dollar jumped to a more than 3-month high while 10-year U.S. Treasury bond yields stabilized near the highest level in more than three months.
Among other precious metals, platinum climbed 1.3% to $1,144.20 an ounce, while palladium fell 0.6% to $2,324.30 an ounce and silver settled at $25.18 an ounce.