Gold Hits Historic Levels in Egypt Despite Positive Results of COVID Vaccine

Mon 18 May 2020 | 08:35 PM

Taarek Refaat

The price of gold in Egypt recorded on Monday its highest level in history, with an increase of about EGP 11 over the end of the week's transactions.

The price of 24K recorded EGP 877, while the 21K registered EGP 768, and the 18K about EGP 658.25. The price of 8g coin recorded about EGP 6144, with an increase of up to EGP 88.

Ehab Wasef, deputy head of the gold pision at the Cairo Chamber of Commerce said that prices witnessed today their highest value in the history of gold in Egypt.

Wasef attributed this hike to the rise in the prices of the yellow metal globally with around $22 in earlier estimates. The price of the ounce recorded $1765, the highest since 2013.

He explained that the sales movement in the Egyptian market is still very weak in light of the closure of traveling and tourism as well as the drop in marriage rates, as a result of the consequences of the coronavirus (COVID-19).

Meantime, the precious metal prices retreated globally, abandoning previous gains that pushed prices towards their highest levels since 2012, as early positive results of the COVID-19 vaccine led to a rise in the US stock market, causing demand for the metal to fall at $1734 an ounce.

In US morning trading, gold for June delivery fell by $10.40, or 0.6%, to $1,745.90 an ounce. Last week, gold gained 2.5% based on the most-active contract at Friday’s close.