Gold prices declined by about LE17 in the local market during Monday's trading, affected by the depreciation of the US dollar exchange rate against the Egyptian pound .
The US dollar exchange rate continued to decline in banks on Monday; the lowest rate found in banks was LE17.25 to the dollar, at the National Bank of Egypt (NBE).
Ehab Wassef, head of the Gold Division at the General Union of Chambers of Commerce, said the price of 21-carat gold stands at LE588; 18-carat gold at LE504; and 24-carat gold at LE672.
Globally, gold prices have declined by 0.3% for April contracts, to $1,232 an ounce — the highest value reached since November 16, 2016.
Edited translation from Al-Masry Al-Youm