Gold Prices up in Egypt market amid Monday Global Upward

Gold prices rally in Egyptian market on Tuesday triggered by Monday rise globally, and a softer dollar and jitters ahead of negotiations regarding Greece’s future in the euro zone.

Gold edged up on Monday 0.5 percent to US$1235.50 an ounce.

Yet, on Tuesday, Gold snapped a three-day rally, losing almost 1 percent as investors remained cautious after a breakdown of debt talks between Greece and euro zone finance ministers, while demand from China decreased ahead of the Lunar New Year holiday. Gold hit $1,221.75 an ounce globally by 11:11 GMT.

Locally, the Twenty-four carat gold is sold today for EGP 304; while the widely-spread in Egypt Twenty-one carat gold scored EGP 266 approximately.

In addition, the 18-carat gold reached EGP 228 on Tuesday.

From his part, El-Sayed El-Sharkawy – chairman of gold traders’ chamber of Alexandria – attributed the increase in yellow metal prices in Egypt to the previous rise in global counterparts.

The Table below demonstrates the prices of gold in Egypt recorded on Monday in Egyptian pound (EGP) and the US Dollar (USD):