Gold prices declined in Egypt on Thursday, with the price of 21-karat (the market’s highest selling gold) falling by LE3 per gram to LE810 compared to Wednesday’s price of LE813.
A gram of 24-karat gold was recorded at LE926, compared to LE929 on Wednesday, and 18-karat gold dropped from LE697 per gram to LE695.
Head of Gold Division in the Chambers of Commerce Wassfy Wassef pointed out that the lower prices in Egypt are due to a decline in global stock exchanges, as well as the increasing exchange rate of the US dollar in some countries.
Gold prices were steadily 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.
Edited translation from Al-Masry Al-Youm