Arab Finance: Global gold prices declined on Thursday, November 12, following higher-than-expected US inflation figures and controversial remarks from Federal Reserve officials.
Spot gold dropped 0.2% to $3,977.99 per ounce by 05:06 GMT, after reaching its lowest level since November 4 earlier in the session.
Likewise on the local level, the 24-karat gold in Egypt fell to EGP 6,981.02 for buying and EGP 6,885.6 for selling, according to Dahab Masr at 9:54 AM.
The 21-karat retreated to EGP 6,109 for buying and EGP 6,025.5 for selling.
The 18-karat gold amounted to EGP 5,236.29 for purchase and EGP 5,164.71 for sale.
A gold coin was priced at EGP 48,872 for buying and EGP 48,204 for selling.
"The (gold) market has had a meaningful pullback over the past several days in the wake of that US inflation data and the rise in rate hike expectations around that, but I think the markets are pointedly struggling for a follow-through," Ilya Spivak, head of global macro at Tastylive, told Reuters.
