Gold Prices Slump by One Pound, Lower Turnout in Cairo Cited
Gold prices in Egypt have fell by one Egyptian pound on Tuesday, following a significant increase of 9 pounds witnessed last Thursday.
The Twenty-four carat gold is sold today for EGP 293.91; while the widely-spread in Egypt Twenty-one carat gold has reached EGP 257.22.
The 18-carat gold also fell to EGP 220.54 on Tuesday.
Nady Naguib – member of the gold traders chamber – has cited the severe decline in rates of purchasing the precious metal driven by the current domestic economic situation.
Yet, Mr. Naguib said the gold selling turnout in the nation-wide governorates is higher than in Cairo.
The recession in Egypt has reached around 70%, besides 40% of citizens tend to sell their gold deposits ahead of Eid al-Adha.
The Table below demonstrates the prices of gold in Egypt recorded on early Tuesday in Egyptian pound (EGP) and the US Dollar (USD):
|
Egypt’s Gold Prices in Egyptian pound (EGP) & US Dollar (USD) |
||
|
Carat |
EGP |
USD |
|
24K Gram |
293.91 |
$42.61 |
|
21K Gram |
257.22 |
$37.29 |
|
18K Gram |
220.54 |
$31.97 |
|
14K Gram |
171.62 |
$24.88 |
|
10K Gram |
122.7 |
$17.79 |
