In addition to the release of US data, expect an increase in inflation rates to about 4.5% during this May. CEO of Dahab Masr Fady Kamel said that gold prices in Egypt declined due to the repercussions of the government's decision to allow citizens returning from abroad to bring any amount of gold, whether ingots, pounds or artifacts, without incurring any fees other than a value-added tax for only six months. This prompted citizens to sell gold they own due to fears from sharp decline in prices after pumping more gold ore and increasing the supply. Gold transactions concluded at the level of EGP 2,400, while the ounce declined by $8, as it opened trading at the level of $2,018, touched $2,055, and closed the trading week at the level of $2,010. Imbaby added that a gram of 24-karat gold recorded EGP 2,742, a gram of 18-karat gold recorded approximately EGP 2,057, a gram of 14-karat gold recorded about EGP1,600, while a pound of gold recorded nearby EGP 19,200.

Source: Daily News Egypt May 16, 2023 15:19 UTC