Global gold prices continued to fall on Wednesday, dropping by US$50 to $1,086 an ounce, the lowest in five years. The prices are expected to fall further, down to $1,000 an ounce.
Experts have attributed the drop to the Greek financial crisis and to the changes in euro and dollar exchange rates.
Germany, France and Italy offered to sell 12 tons of gold, in order to provide new aid packages to Greece.
However, the local prices of gold has not been affected by the global downturn, rising by LE10 to LE12 per gram.
Wadie Antone of the Gold Dealers Chamber of Commerce has attributed it to the ban on alloy and ore imports, introduced to prevent their smuggling to finance terrorist groups.
The price of 24-karat gold is currently LE296 per gram, 21-karat gold: LE259 per gram and 18-karat gold LE222 per gram.
Edited translation from Al-Masry Al-Youm
