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Egypt Independent
Secretary of the Gold Division at the Federation of Egyptian Chambers of Commerce Nady Naguib announced, on Saturday, that “gold has reached its lowest price currently. It is expected to rise again next week”.
“Several factors are behind the decline in gold prices. Among them: prices fluctuating as a result of the coronavirus crisis, the US presidential elections and the deteriorating economic situation”, Naguib explained.
Speaking to ‘Hadith al-Qahira’ (Cairo Talk) show on the al-Qahira wal Nas (Cairo and the People) channel, Naguib said, “the advent of the COVID-19 vaccine has brought relief and the economy has begun to reopen with US stocks on the rise once more, indicating that gold will not continue to decline”.
“Gold prices will start to rise again in the short term”, he said, noting that “the decline did not affect the Egyptian market due to the nation’s weak economy”.
Naguib anticipates the price drop will drive up citizens gold purchase, as investing in gold is not subject to tax and so, now is the right time to invest.
Gold prices were stable in Egypt on Saturday. Price movements up and down not exceeding one pound. Same stability continued Sunday during the global stock market weekend.
The price of 21-karat (the market’s highest selling gold) is at £E751 per gram. The price of 24-karat gold now stands at £E859 per gram. Meanwhile, the 18-karat gold has reached £E644 per gram. The price of a gold coin stands at £E6,008.
Edited translation from Al-Masry Al-Youm.
