Egypt Gold Follows Global Trends, 21-Carat Hits EGP 290

Gold prices in the Egyptian market on Tuesday have fell for the second day in a row this week driven by global gold sufferings as gold recently shed from US$1630 to US$ 1363.

Nady Naguib, member of the gold traders chamber, has attributed the fall in gold prices to the relative stability in the US dollar’s price against the Egyptian pound. Naguib also said the gold prices decline was directly driven by the recent gold sufferings in global markets.

The Twenty-four carat gold is sold for EGP 331.42 in local markets; while the widely-spread in Egypt Twenty-one carat gold is sold for EGP 290.

For the 18 carat gold, it is sold on Tuesday for EGP 248, representing a dip of EGP 50 compared to Thursday’s levels.

The gold pound dived to EGP 2350, compared to Thursday’s levels of EGP 2750, representing a decline worth EGP 400 for the last few days.

The following table shows gold price per gram in Egypt in Egyptian Pound (EGP) in 24k, 21k, and 18k carats besides the gold pound.