Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Local Gold Market Sees Decline; 21-Karat Hits EGP 2,180

Gold Service

Sat 16 Sep 2023 | 09:54 PM
Walid Farouk

Saturday's trading sessions saw a noticeable drop in gold prices within the local markets, amidst the global exchange's weekly holiday.

Said Embabi, Executive Director at the "iSagha" platform – a prominent hub for gold and jewelry trades – indicated a decrease by approximately EGP 10 for gold within the local markets compared to Friday's close. The 21-karat gold is now standing at EGP 2,180 per gram, paralleled by the global ounce rate of USD 1,924.

Breaking down the gold prices further:

The 24-karat gold is priced at EGP 2,492 per gram.

The 18-karat gold stands at EGP 1,869 per gram.

The 14-karat gold is valued at EGP 1,454 per gram.

The traditional gold pound has been marked at EGP 17,440.

Friday's market dynamics showed a certain volatility in gold rates. The 21-karat gold opened its trades at EGP 2,190 per gram, dipped slightly to EGP 2,185, and then settled back at EGP 2,190 by the session's end. In contrast, global market trends showed the ounce price escalating by nearly USD 15. It commenced the day at USD 1,909, peaked at USD 1,930, and finally rested at USD 1,924.