Egypt Independent

Gold prices stabilize at LE842 for 21-Karat gold

Gold prices in Egypt stabilized to record LE842 for 21-karat gold, amid expectations that the prices will vary on Tuesday’s trading.

The price of 18-karat gold recorded LE721, 24-karat gold recorded LE962, one pound of gold recorded LE6,736 and an ounce of gold recorded US$1936.

The Secretary of the Gold Division at the Federation of Egyptian Chambers of Commerce Nady Naguib back in December said that several gold ornaments have recently been manufactured with lighter weights during Christmas sales to match the economic recession and decline in purchasing power from citizens.

Gold prices have been on the rise since February 2020—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 more than LE100 since Egypt announced its first coronavirus case in February.

Edited translation from Al-Masry Al-Youm