Gold prices hit record high

Gold prices have reached a historic level on London’s market, with one ounce of gold jumping from US$1215 to US$1248. Its price on Wednesday’s closing of the US stock market hit US$1238.05.

Bloomberg news noted that investors have shifted to gold as a replacement for currencies amid rising fears of the escalating debt crisis in Europe.

Two days ago in Egypt, one gram of 21 carat gold reached LE196, up from LE191, while 24 carat gold increased from LE 218 to LE224, and 18 carat gold rose from LE163 to LE168.

Amir Rizq, head of the gold and jewelry section at the Egyptian Federation of Chambers of Commerce, attributed the increase to a severe downturn in Arab and international markets, noting that the local market is experiencing a state of stagnancy due to high prices, which, he explained, has prompted customers–who are currently preoccupied with their children’s exam season–to wait for a drop in prices.

Translated from the Arabic Edition.

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