Gold markets in Egypt are witnessing a state of recession traders and consumers on full alert due to the political uncertainty.
Wasfi Amin, the head of the Gold’s Craft Division at the Federation of Egyptian Chambers Commerce (FECC), said the gold market is going into severe recession and much fewer are buying the precious metal as citizens are in full alert for the country’s restructure.
Global gold prices have witnessed Wednesday a remarkable rise. The price of Twenty-four carat ounce reached $1621. The Twenty-four carat gold is sold for EGP 313 in local markets, opposed to last week as EGP 6 higher.
The price of Twenty-one carat ounce reached $1419. The Twenty-one carat gold is sold for EGP 275, opposed to last week as EGP 7 higher.
The price of 18 carat ounce reached $1214. The 18 carat gold is sold for EGp 235, opposed to last week as EGP 5 higher.
