Gold Jumps EGP 7 in Egyptian Market Despite Lower Demand

Fri 15 May 2020 | 10:18 PM

Taarek Refaat

Despite lower demand, the price of gold in Egypt rose on Friday by EGP 7 in conjunction with a surge in the price of the ounce in the global market.

Ehab Wasef, deputy head of the gold pision at the Cairo Chamber of Commerce explained that the price of 24K recorded EGP 868.55, while the 21K amounted to EGP 760, and the 18K ended trading at about EGP 651.4.

Also, the price of the 8g gold coin registered about EGP 6080, an increase of EGP 40 since the end of trading yesterday.

Wasef mentioned that the rise in the prices of the yellow metal in Egypt comes in light of its rise in global stock exchanges to $1752 an ounce, an increase of $20 since yesterday's trading.

He added that the rise in the price of the dollar against the euro to 1.081, and the rise of oil prices by 2% today led to an increase in gold prices by 1.5%, in light of the renewed tensions between the United States and China.

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).