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Egypt Independent
Gold prices declined in Egypt at the start of trading on Wednesday, after prices declined globally. The fall followed a rush by traders to purchase gold, as a safe haven, against the repercussions of the war between Russia and Ukraine.
Tuesday’s trading saw a noticeable increase in gold prices, especially after the Chinese accusation of the US of supporting Taiwan. The move fuelled investor fears of a new world war following the recent global tensions.
Gold prices rose by about 2%, where international prices to exceed US$1,950 for both spot and future transactions. In Egypt, gold prices declined due to global prices and major events. However, the rate remains higher than prices on Tuesday. The 24-karat gold traded between £E971 to £E972, 21-karat gold was recorded prices between £E850 to £E851 while the 18-karat gold was sold between £E728 to £E729/gram.
Globally, gold prices fell in spot transactions by 0.40%, which marked US$1,837.88/an ounce. Prices fell in futures contracts during the Asian session for April delivery by 0.27% and were traded at US$1,938.5/ounce.
Edited translation from Al-Masry Al-Youm.
