An ounce of gold registered at a record high US$1311 during yesterday’s transactions in Asia. Investors showed eagerness to purchase the commodity due to economic instability.
In Egypt, the price of a pound of gold stands at LE1626–LE232 for 24 karats, LE203 for 21 karats, and LE174 for 18 karats.
Head of the gold division at the Federation of Egyptian Chambers of Commerce (FECC) Amir Rizq attributed the recent rise in the price of gold to 1000 ton gap between world production and demand. He said gold prices will continue to surge until that gap is filled.
Translated from the Arabic Edition.