Gold Prices To Go Up By Feast

The Gold and Jewelry Division of the Egyptian Chamber of Commerce forecast that gold prices will hike by the beginning of this week trading on Monday.

The Division attributed such an expected rise to the fact that Eid (Muslim’s Feast which marks the end of the holy month of Ramadan) is coming up witnessing higher demand for gold as within this period, more engagement and wedding parties are being held.

Salah Abdel Hadi, head of the gold and jewelry division, stated that gold has witnessed a severe recession of 90% through the holy month as Egyptian families’ top priorities are to secure higher supply of food to get ready for the fasting month.

Abdel Hadi added that gold markets stayed stable last week but witnessed a slight fluctuation between high and low range rate of two and three Egyptian Pounds.

“last week’s fluctuation was due to volatile global gold markets which resulted in having a slight change in the local price of one gram of gold.” Abdel Hadi noted