Gold sees its largest decline since November by 2.7% - Egypt Independent

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The price of gold, one of the safe haven assets in times of uncertainty, reached a new all-time high of 2,950.02 dollars per ounce on February 20, according to data from Bloomberg.

Egypt Independent

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Gold sees its largest decline since November by 2.7% - Egypt Independent

The head of the Gold and Precious Metals Division at The Federation of Egyptian Industries (FEI), Ehab Wassef, revealed that the price of an ounce of gold witnessed a noticeable decline during the past week, as it decreased by 2.7 percent, equaling at US$81.

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Gold prices rose on Monday, supported by a weaker dollar. Spot gold was up 0.3 percent at $2,866.76 an ounce by 0303 GMT. U.S. gold futures were up 1.1 percent at $2,880.50 an ounce. The dollar index fell 0.4 percent, retreating from a more than two-week high hit in the previous session, making gold cheaper for holders of other currencies. Among other precious metals, spot platinum fell 0.2 percent to $945.45 an ounce. Palladium rose 1 percent t…