Local Gold Prices Hit EGP 310, More Demand on Diamond

Gold prices soared to EGP 310 an ounce, opposed to Wednesday’s levels as EGP 4 higher.

The price of Twenty-one carat gold has hit EGP 282, opposed to Wednesday’s levels as EGP 3.5 higher. The 18 carat gold is sold for EGP 267.

Ali Al-Sergany, a gold trader, said 80% of the purchasing power preferred diamond to gold. He attributed the diamond preference to its relatively stable prices and to the convergence of its types prices.   
He explained that people nowadays tend to buy gold for purposes related to storage for a long run; while people tend to buy diamond in order for using it or for storing but for a short run.

Moreover, Al-Sergany said the local gold market is witnessing a continuous drop in the demand due to political, economic and securities instability in Egypt.