Gold prices in Egypt decline by EGP 17 per gram over a week

Gold prices in Egypt declined over the past week by  17 pounds per gram, as global gold prices seen a drop by $30 an ounce.

The price of 24-carat gold fell from 988.55 pounds on Saturday 29 August to stand at 969.10 pounds per gram , while the most popular 21-carat dropped from 865 pounds to 848 pounds, and 18-carat from 741.40 pounds to 726.85 pounds.

The gold prices in Egypt had seen an increase of by 7 pounds on the 1st of September at the beginning of trading, bringing the price of 21 carat gold to about 872 pounds, then it decreased by 5 pounds at the end of trading.

Gold prices have been on the rise since February — a result of global fears over the economic fallout of the coronavirus pandemic, which has prompted investors to take refuge in safe-havens like gold, yet it have lost some of its shine over the past week on positive US economic data.