Egypt Independent

Egypt’s Gold prices up by LE4 per gram, 21-karat at LE764

Gold prices in the Egyptian market rose by about four LE on Saturday compared to Friday’s prices.

The price of 21-karat gold, the most popular grade in the local market, stood at LE764 on Saturday compared to LE760 on Friday.

Meanwhile, the price of 18k gold on Saturday increased to LE665 while 24k gold rose to LE873.

Friday’s prices were LE760 for 21-karat gold, LE651 for 18k gold, and LE868 for 24k gold.

This follows a global increase in gold prices of about US$10 per ounce in Saturday’s tradings to US$1,730.

Egypt’s market movement suffered a complete halt despite the Eid al-Fitr holiday season, a member of the Gold Division at the Cairo Chamber of Commerce Amir Rizq said, attributed to the coronavirus’s negative economic impact bringing on this current stagnation in buying and selling.

He added that the evening curfew hours contributed to further stagnation in the gold market, with the lockdown beginning at five pm during Eid.

This is also coupled with the loss of marriage ceremonies thanks to the outbreak.

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 LE80 since Egypt announced its first coronavirus case in February.

Egypt has imposed a nationwide curfew since March, suspended schools and universities, shutdown airports and malls, closed houses of worship, and limited the working hours of shops and restaurants as part of its precautionary measures to curb the spread of coronavirus.

Several businessmen and industry investors have warned against the consequences of these measures on the country’s economy and called for opening businesses and restoring the situation to before the curfew.

Edited translation from Al-Masry Al-Youm