Egypt Independent

Gold prices rise again after Monday’s unprecedented decline



After a historic drop of LE38 on Monday, the price of gold rose again Tuesday morning, recording an increase of LE10.

21 carat gold was the most traded in the local market at LE823 per gram.

According to Cairo Chamber of Commerce Gold Division member Amir Rizk, the US presidential election and its subsequent events have left the global market in a state of flux and stock exchanges unstable.  

He added that following the elections, the price of an ounce of gold rose by US$22 to US$1,887.

Rizk told Al-Masry Al-Youm that Monday’s sharp decline has never happened before in the history of gold.

As of Tuesday morning, 21 carat was priced at LE823, 24 carat was set at LE940, and 18 carat weighed in at LE705.

A pound of gold is priced at LE6,685.

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