Gold prices plunge after Egypt's central bank raises rates

Egypt's central bank raised rates for the first time in 2.5 years as gold prices plunged, with the global ounce breaking below $4,000.

• Egypt's central bank raised interest rates by 100 basis points on October 29, its first hike in about two and a half years.
• The global gold ounce broke below $4,000 for the first time, falling more than $100 in a single session to about $3,900.
• Hani Milad, head of the gold division of the Federation of Chambers, said gold markets saw a sharp, sudden decline globally and locally.
• The price of 24-karat gold in Egypt's local market fell 102 pounds per gram, reaching 7,155 pounds.