Gold prices declined in Egypt on Saturday with the price of 21-karat (the market’s highest selling gold) falling by LE14 per gram to LE810, compared to Friday’s price of LE824.
The value of 24-karat gold is now LE925 per gram, with 18-karat at LE764 per gram and gold coins at LE6,840.
The price of an ounce of gold is at US$1,850.
The price of 21-karat gold gram fell on Friday by LE25 from LE849 on Thursday.
A member of the Cairo Chamber of Commerce’s Gold Division Amir Rizk said that the prices decreased due to the US Congress breach and its fallout, alongside the decline in global exchanges.
This drop comes as a big shock, he added, since gold was expected to rise with the Christmas season thanks to the global economy’s stability and the distribution of the coronavirus vaccine in many countries.
Gold prices have been 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.
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