Gold prices fell by 31 pounds in the local market during last week’s transactions, due to the decline in an ounce on the global stock exchange, in light of the profit-taking operations from investors.
Club Naguib, secretary of the Association of Gold Traders and Jewelers, said that gold prices fell by 31 pounds, as the 21-karat gold gram opened the week’s trades last Monday at the level of 840 pounds, and ended the week’s transactions on Saturday evening at 809 pounds, while the ounce opened at 1923. Dollars, down to 1848 dollars.
He added to “Al-Borsa”, that a gram of 24-carat gold recorded 925 pounds, and 18 carats recorded 694 pounds, and the price of one pound of gold was 6472 pounds.
He pointed out that the chances of gold to rise again are great as investors go to buy gold as a hedge against inflation, resulting from US stimulus packages.
The article Gold prices are falling by 31 pounds during a week that was written in the Al-Borsa newspaper.