Local gold prices are still soaring due to a global price hike, gold experts say.
Amir Rezq, member of the jewelers’ department at the Egyptian Union of Commercial Chambers, said gold prices are expected to increase further.
One gram of 21-karat gold costs LE313, 24-karat gold reaches LE358, while 18-karat gold costs LE 268, said Rezq, adding that one pound of Egyptian gold is currently estimated at LE2504 and one ounce is estimated at LE1896.
Meanwhile, Nady Naguib, a member of the gold traders department, said the price hike was the main reason why Egyptians have been reluctant to buy gold recently.
He also told Al-Masry Al-Youm that Egyptians now only buy wedding rings instead of whole sets of bridal jewelry.
The gold market has been hit by the recession, he said, adding that purchases stopped during the few days ahead of Eid al-Fitr.
Naguib also expected prices to rise.
Translated from the Arabic Edition
