Gold in Egypt soars to record high as currency crisis bites

Gold prices in Egypt soared to a record high on Monday as the country’s currency crisis continues to gather steam after the Egyptian pound further weakened against the dollar.

Gold has rose by 20 Egyptian pounds ($2.25) on Monday, compared to day earlier prices. The twenty-four carat gold is sold for 537.14 pounds; while the widely-spread in Egypt, twenty-one carat gold scored 470 pounds.  The 18 carat gold reached 402.86 pounds.

Gold pound also jumped by 160 pounds, to 3760 pounds on Monday, compared to Sunday’s levels of 3600 pounds.

The Egyptian market is witnessing a frenzy increase in gold prices weighed by the unprecedented rise in dollar against the Egyptian pound in black market, Nady Naguib, member of the gold traders chamber, told Amwal Al Ghad on Monday.  Egyptian pound has weakened on Monday to more than 13 against the dollar on black market.

The table below shows the recent data on local gold prices: