Gold prices in Egypt continued to rise this Saturday morning after the global price of gold rose on Friday at the conclusion of global stock market transactions over the past week.
These fluctuations were a result of the rise in the dollar’s exchange rate and its following decline after the US stimulus package.
Other US economic news led to the decline of the dollar exchange rate and the rise of gold globally.
The 21-karat gold (the market’s highest selling gold) increased by LE11 per gram to LE808, from Friday’s price of LE797.
The price of 24-karat gold increased to LE923 per gram, from Friday’s price of LE911. The 18-karat gold increased to LE694 per gram, from Friday’s price of LE683, while the price of a gold coin increased to LE6,464 from Friday’s price of LE6,376.
It is expected that gold prices in the Egyptian market will continue to fluctuate on Saturday and Sunday around the levels of Friday evening prices due to the supply and demand in the Egyptian market, regardless of any other external changes, as a result of weekend in global stock exchanges – one of the general factors in determining gold prices globally.
Gold prices on Friday concluded dealings in the global market at a price of US$ 1,813.6 achieving a significant increase after it fell on Thursday to about US$ 1,788.
