The Secretary of the Gold Division at the Federation of Egyptian Chambers of Commerce Nady Naguib announced Saturday that gold has reached its lowest price in the current period and is expected to rise again next week.
Naguib explained that the decline in gold prices recently came due to several reasons, with prices fluctuating as a result of the coronavirus crisis, US presidential elections and the deteriorating economic situation.
During a phone interview with the “Hadith al-Qahira” (Cairo Talk) show on the “al-Qahira wal Nas” (Cairo and the People) channel, Naguib said that the arrival of the COVID-19 vaccine has brought relief and the economy has began to reopen with US stocks on the rise once more – indicating that gold will not continue to decline.
Gold prices will start to rise again during the coming period, he said, but noted that the decline did not affect the Egyptian market due to the nation’s weak economic situation.
Naguib anticipates the price drop will drive citizens to buy gold, as investing in gold does not have a tax and so now is the right time to invest.
Gold prices were stable in Egypt on Saturday, with price movements up and down not exceeding one pound. The same stability continued on Sunday during the global stock market weekend.
The price of 21-karat (the market’s highest selling gold) is at LE751 per gram. The price of 24-karat gold now stands at LE859 per gram. Eighteen-karat gold is at LE644 per gram. And the price of a gold coin is at LE6,008.
Edited translation from Al-Masry Al-Youm