Gold prices declined in Egypt on Sunday with the price of 21-karat (the market’s highest selling gold) falling by three LE per gram to LE817, comparing to Saturday’s price of LE820.
The value of 24-karat gold is now worth LE934 per gram, 18-karat is at LE700 per gram, and gold coins at LE6,512.
The price of an ounce of gold is at US$1,866.
The Secretary of the Gold Division at the Federation of Egyptian Chambers of Commerce Nady Naguib said that several gold ornaments have recently been manufactured with lighter weights during Christmas sales to match the economic recession and decline in purchasing power from citizens.
Gold prices have been on the rise since February—a result of global fears over the economic fallout of the coronavirus pandemic, which has prompted investors to take refuge in safe-havens like gold.
The price of 21-karat gold in the local market has increased by more than LE100 since Egypt announced its first coronavirus case in February.
Edited translation from Al-Masry Al-Youm
