Gold Prices continued to decline in domestic markets today, Saturday, on the other hand, the gold ounce witnessed a stable performance, internationally, due to the markets' weekly off.
On the performance of gold in domestic markets, Saied Embabi, the CEO of Isagha, said that gold prices dropped by EGP 60. He added that 21-karat hit EGP 2350, while the ounce remained at $2010.
Embabi continued that the gram of 24-karat reached EGP 2685, 18-karat hit EGP 2015, and 14-karat was sold at EGP 1567. The gold pound was estimated at EGP 18800.
The official revealed that local markets are still experiencing some manipulations as the price of the US dollar increased against the EGP in parallel markets.
This activity would encourage customers to sell their gold due to the declining prices, so, manipulating forces can purchase gold at lower prices, to re-sell it again at a higher value.
He concluded that allowing returning Egyptian expatriates to pass with gold without tax would help in solving the crisis.
Contributed by: Rana Atef
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