Gold prices declined in Egypt on Sunday with the price of 21-karat (the market’s highest selling gold) falling by nine LE per gram to LE799, comparing to Saturday’s price of LE808.
The price of 24-karat gold now stands at LE912 per gram, compared to Saturday’s price of LE923. Eighteen-karat gold is at LE686 per gram, compared to Saturday’s price of LE694.
And the price of a gold coin is at LE6,386 compared to Saturday’s price of LE6,464.
This is part of the ongoing decline of gold prices since the start of the year, with the price of gold falling by LE46, a shock to traders.
Cairo Chamber of Commerce Gold Division member Amir Rizk attributed the significant decline in gold prices to companies earning profits.
Speaking to Al-Masry Al-Youm, Rizk said that the market was waiting for prices to rise with the start of the Christmas season. However, what happened instead was an unexpected decline since the beginning of the Christmas holidays.
Prices are expected to rise again during the coming period he said, especially with the stability of the global economic situation and the vaccinations against the coronavirus.
Rizk added that the price of an ounce at the beginning of 2021 was US$1,932, and currently stands at $1,812 while the 21-karat (the market’s highest selling gold) was LE840 per gram and is now at LE799.
Edited translation from Al-Masry Al-Youm