Egypt Gold Prices Break New Record Low, 21-Carat Hits EGP 310

Gold prices in the Egyptian market on Monday have broken a new record low, after reporting a decline of EGP 35 per carat. The Twenty-four carat gold is sold for EGP 343 in local markets, compared to Sunday’s levels of EGP 375.

The widely-spread in Egypt Twenty-one carat gold is sold for EGP 310, opposed to Sunday’s EGP 345.

For the 18 carat gold, it is sold for EGP 266.5, compared to Sunday’s EGP 290.

Nady Naguib, member of the gold traders chamber, has attributed the fall in gold prices to the speculations executed during the last two days’ trading in London Stock Exchange and the Paris Bourse besides the US dollar’s sudden decline against the Egyptian pound in the dark market to EGP 7 only.

Naguib further added that the gold market in Egypt is encountering a severe low turnout in buying the precious metal due to the customers’ current trend to protect the value of their savings amid Egypt’s current state of instability. Yet, nowadays some customers have started to sell small amounts of their savings of gold driven by the economic turbulent situation, he noted.

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