Gold costs declined in Egypt on Sunday with the worth of 21-karat (the market’s highest promoting gold) falling by three LE per gram to LE817, evaluating to Saturday’s worth of LE820.
The worth of 24-karat gold is now price LE934 per gram, 18-karat is at LE700 per gram, and gold cash at LE6,512.
The worth of an oz. of gold is at US$1,866.
The Secretary of the Gold Division on the Federation of Egyptian Chambers of Commerce Nady Naguib mentioned that a number of gold ornaments have lately been manufactured with lighter weights throughout Christmas gross sales to match the financial recession and decline in buying energy from residents.
Gold costs have been on the rise since February—a results of international fears over the financial fallout of the coronavirus pandemic, which has prompted traders to take refuge in safe-havens like gold.
The worth of 21-karat gold within the native market has elevated by greater than LE100 since Egypt introduced its first coronavirus case in February.
Edited translation from Al-Masry Al-Youm