Gold prices declined in Saturday’s early trade in the Egypt market, following a fall in global prices.
The price of 21-karat gold, the most popular in Egypt, decreased by two LE per gram to register LE827 compared to Friday’s price of LE829.
The price of 24-karat gold decreased by two LE per gram, registering LE943 compared to the Friday price of LE945.
The price of 18-karat gold decreased to LE708.7 per gram, from LE710 on Friday. And the price of 14-karat gold decreased by two LE per gram, to register LE549 compared to the Friday price of LE551.
A gold coin was priced at around LE6,616, losing about LE16 from yesterday’s trading.
As for global prices, an ounce of gold is now priced at US$1,901.
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.