Gold Prices Slump by One Pound, Lower Turnout in Cairo Cited

Gold prices in Egypt have fell by one Egyptian pound on Tuesday, following a significant increase of 9 pounds witnessed last Thursday.

The Twenty-four carat gold is sold today for EGP 293.91; while the widely-spread in Egypt Twenty-one carat gold has reached EGP 257.22.

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

Nady Naguib – member of the gold traders chamber – has cited the severe decline in rates of purchasing the precious metal driven by the current domestic economic situation.

Yet, Mr. Naguib said the gold selling turnout in the nation-wide governorates is higher than in Cairo.

The 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 early Tuesday in Egyptian pound (EGP) and the US Dollar (USD):