Nady Naguib, the secretary of the gold pision at the Federation of Egyptian Chambers of Commerce (FEDCOC) said that the prices of precious metal lost EGP 5 during this week's trading.
Naguib attributed the decline in prices over the week's trading to the drop in the ounce globally by about $10 to record $1,462.
The prices of gold in Egypt is always affected by the global stock market, which starts Monday from every week until Friday, in addition to the movement of the dollar against the pound.
According to Naguib, the price of 18 karats recorded EGP 557 pounds, while the 21k registered about EGP 657 , and the 24k EGP 757, while the 8g gold coin reached EGP 5,256.
The Secretary expected a slight movement in the prices of precious metal over the next two days, in addition to a movement in sales in conjunction with the entry of Christmas holidays.
Also, the yellow metal gave up its rise to stabilize against the rise of the dollar on the back of strong economic data in the United States.
At the settlement, the price of gold futures for December delivery settled at $ 1463.60 an ounce, down about 0.3 percent this week.
By the end of today's, the spot price fell 0.07 percent to $ 1,463.39 an ounce.
Meanwhile, the dollar index, which tracks the performance of the US currency against six other major currencies, rose 0.2 percent to 98.235.
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