01:28 PM
Friday 05 June 2020
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I wrote – Shaima Hefzy:
Gold prices in Egypt jumped during the past week, by about 10 pounds per gram, despite the decline in the prices of the yellow metal globally.
The Club Naguib, Secretary General of the Gold Division of the Cairo Chamber of Commerce, told Masrawy that the price of a gram of 21 carat gold today reached 772 pounds compared to 762 pounds last Friday.
The price of a gram of 18 carat gold was 661.7 pounds, 24 carat 882.3 pounds, and the gold pound was 6176 pounds.
Globally, gold tended to achieve a weekly decline of about 1%, amid hopes for the recovery of economies and the trend of countries to partial open, after the Corona crisis, and is heading towards recording the largest decline since the week ending in the first of May.
Naguib explained, the reason for the high price of gold in Egypt, despite its global decline, that the increase was caused by the rise in the price of the dollar against the local currency during the past week.
He added that determining gold prices in Egypt is according to two criteria, namely the price of gold on the international stock exchange and the price of the dollar against the pound in the market.
The dollar rose against the pound by about 34 piasters last week, recording yesterday 16.13 pounds for purchase and 16.23 pounds for sale, according to data from the National Bank of Egypt.
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