Gold prices declined in Egypt on Monday, as the price of 21-karat gold (the market’s highest selling gold) fell by 2 LE per gram, due in part to the November 3 presidential elections in the US.
According to Amir Rizq, a member of the Cairo Chamber of Commerce’s Gold Division, the price of an ounce of gold has fallen to US$1,901.
24-karat gold is now worth LE 950 per gram, 18-karat is at LE 711 per gram, and the gold coin is priced at LE 6,640.
During an interview with Al-Masry Al-Youm, Rizq said that there is a slight decline in the price of the US dollar globally, and that this decline will continue until the end of the US presidential elections.
He noted that international companies and institutions continue to sell part of their surplus reserves and reap profits during this period, adding to the decline of gold’s value.
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 LE120 since Egypt announced its first coronavirus case in February.
Edited translation from Al-Masry Al-Youm
