Egypt Independent

Egypt’s Gold prices up by LE5 per gram, 21 carats at LE 760

The price of gold has risen in the Egyptian market on Saturday by about five LE compared to Friday’s prices.

The price of 21-karat gold (the most popular in the local market) stood at LE760 on Saturday, compared to LE 755 on Friday.

Meanwhile, 18k gold increased to LE649 and 24k gold to LE867.

This comes in light of the rise in the price of an ounce globally, by about US$12, recording $1,748 in today’s tradings.

A Member of the Gold Division at the Cairo Chamber of Commerce, Amir Rizq, said that the rise in gold prices is a result of US President Donald Trump’s threats to cut ties with China and the ongoing global coronavirus crisis.

Speaking to Al-Masry Al-Youm Rizq said that Egypt’s market movement has suffered a complete halt despite the nearing of Eid al-Fitr season, due to the negative impact of the coronavirus leading to a current stagnation in buying and selling.

He added that the curfew hours in the evening contributed to the further stagnation of the gold market, which usually begins in the evening after iftar.

Rizq explained that gold prices in Egypt are affected by the price of ounce price globally and the exchange rate of the US dollar, and they cannot be interfered with by traders, who calculate the price by multiplying the international price by the price of the US dollar.

Gold prices have been on 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 over LE 50 since Egypt announced the first coronavirus case in February.

Egypt has imposed nationwide curfew since March, suspended schools and universities, shutdown airports and malls, closed houses of worship, and limited the working hours of shops and restaurants as part of its precautionary measures to curb the spread of coronavirus.

Several businessmen and industry investors have warned against the consequences of these measures on the country’s economy and called for opening businesses and restoring the situation to before the curfew.

Edited translation from Al-Masry Al-Youm