Gold slightly up in Egypt amid Global Upward Trend

Gold prices in Egypt edged higher by EGP 0.5 (US$0.07) per gram in Monday’s trading.

The Twenty-four carat gold is sold today for EGP 306.85; while the widely-spread in Egypt Twenty-one carat gold scored EGP 268.5.

In addition, the 18-carat gold reached EGP 230.14 today.

In this respect, El-Sayed El-Sharkawy – chairman of gold traders’ chamber of Alexandria – told Amwal Al Ghad that the slight rise in yellow metal prices in Egypt during Monday’s trading was due to the global upward trend. In global trading, gold prices broke above US$1240 levels and climbed higher on increased safe haven bids for gold amid renewed geopolitical crisis in Greece and Ukraine.

Gold prices edged higher after Greece’s insistence of going ahead with the bridge-loan and disagreement with the ECB sparked renewed worries over Grexit and eventually a collapse of the shared currency. Moreover, deepening crisis in Ukraine also revived investors’ appetite for the precious metal as a safe-haven asset.

Earlier in the day, the yellow metal received support from soft Chinese data which fuelled concerns over China’s growth prospects, boosting gold’s demand as a safe haven asset.

The Table below demonstrates the prices of gold in Egypt recorded on Monday in Egyptian pound (EGP) and the US Dollar (USD):