The price of 21-carat gold dropped from LE306 to LE300 on the local market on Tuesday, against the backdrop of universally declining world prices.
Though sales have been slow recently, traders are expecting people to spend more during the Eid holiday.
“The recent rise in prices [had] discouraged people from buying,” said jeweler Amir Rizq. He attributed the previous global increase in gold prices to the debt crisis in the European Union and United States.
Translated from the Arabic Edition