Egypt: Gold Prices Rebound, 21-Carat Hits EGP257.3

Gold prices in Egypt have rebounded by one Egyptian pound per gram on Wednesday.

The Twenty-four carat gold is sold today for EGP 294.05; while the widely-spread in Egypt Twenty-one carat gold has reached EGP 257.3.

The 18-carat gold also fell to EGP 220.54 on Wednesday.

Mr. El-Sayed El-Sharkawy – chairman of gold traders chamber of Alexandria – told Amwal Al Ghad that Egypt’s gold market is in a state of slight fluctuation since the gold’s upward and downward trends have not surpassed 3 Egyptian pounds over the last few weeks.

Mr. El-Sharkawy said gold prices are likely to fall once again within the coming few days, affected by the turbulent global markets.

The state of 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 Wednesday 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

293.05

$42.52

21K Gram

257.3

$37.33

18K Gram

220.54

$32.00

14K Gram

171.53

$24.89

10K Gram

122.52

$17.78

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