Egypt Independent

Gold prices in Egypt rise by LE5, 21-karat gold now worth LE745

Gold prices in the Egyptian market rose by about five LE on Saturday compared to Friday.

The price of 21-karat gold, the most popular in the local market, stood at LE745 on Saturday compared to LE740 on Friday.

Meanwhile, 18k gold increased to LE638 and 24k gold to LE 851.

A member of the Gold Division at the Cairo Chamber of Commerce Amir Rizq said that globally the price of an ounce of gold is currently $US1,700.

Gold prices have risen since February due to global fears over the economic fallout of the coronavirus epidemic, 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 LE45 since Egypt announced its first coronavirus case in February.

Egypt has imposed a 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