Local market prices for gold increased by LE2 per one gram in the aftermath of the financial crisis that hit Europe and US, pushing up the price of one ounce to around US$1616.
That makes the price of one gram of 21-karat gold reach LE265, compared to LE263 two days ago. One gram of 18-karat gold reached LE227, while 24-karat increased to LE302. The price of a pound of gold reached LE2120.
Nady Naguib, member of the gold traders chamber, attributed the price hike to international price increases due to a higher demand of gold as a way to protect cash following deteriorated economic situations in Europe and US.
He said the local market still suffers from recession. Purchases only include small pieces, like bridal jewelry gifts or wedding rings.
Some Egyptians buy small gold bullions, whose weights range from one gram to 31.1 grams, Naguib added, explaining this is a method to keep the value of the cash.
Translated from the Arabic Edition
