Local Gold Prices Hike On Global Market

Gold prices have remarkably hiked to $1624 an ounce, opposed to Friday’s levels as $9 higher.

Dr. Wasfi Amin, the head of the Gold’s Craft Division at the Federation of Egyptian Chambers Commerce (FECC), told Amwal Al Ghad that the price of Twenty-one carat gold has hit EGP 273, opposed to Friday’s levels as EGP 3 higher. He added that the 18 carat gold is sold for EGP234, opposed to Friday’s levels as EGP 2.6 higher.

Amin attributed such a rise to the high prices of global gold markets which affect the local market in return.

Meanwhile, Amin noted that the local market is suffering from severe recession amid the current economic situation as much fewer are buying the precious metal. “There are a lot of gold shops which do not actually achieve any sales during the day.” Amid added

“The gold market in the country is suffering from severe recession which hit 80%. Much fewer are buying the precious metal as citizens’ priority is to afford their daily necessary supplies such as food considering buying gold as luxuries.