Driven by concerns over possible tensions during the trial of deposed president Mohamed Morsi scheduled for November 4, Gold futures in Egypt witnessed a downturn performance on Sunday. The gold prices fell by 5 Egyptian pounds per gram.
The Twenty-four carat gold is sold today for EGP 301; while the widely-spread in Egypt Twenty-one carat gold has reached EGP 263.
The18-carat gold hit EGP 224.70, whereas the gold pound declined by EGP 40 to EGP 1104.
Nady Naguib – member of the gold traders chamber – told Amwal Al Ghad that the decline in the gold prices in the local market was driven by the global gold futures fall. The gold futures dropped to US$ 1316.2 per ounce on Friday.
Mr. Naguib further referred that many gold shops in Egypt are going to shut tomorrow, voices fears that the country may be facing possible tensions during the trial of deposed president Mohamed Morsi scheduled for tomorrow, November 4.
The Table below demonstrates the prices of gold in Egypt recorded on early Sunday in Egyptian pound (EGP) and the US Dollar (USD):
|
Egypt’s Gold Prices in Egyptian pound (EGP) & US Dollar (USD) |
||
|
Carat |
EGP |
USD |
|
24K Gram |
301 |
$43.67 |
|
21K Gram |
263 |
$38.15 |
|
18K Gram |
224.70 |
$32.60 |
|
14K Gram |
174.05 |
$25.25 |
|
10K Gram |
124.46 |
$18.06 |
