Gold Prices Decline, 21-Karat Records EGP 1000

The gold prices continued their fall in the domestic markets to reach EGP 1000 following the decline in ounces prices in world exchange markets to $1835.

Saied Embabi, the CEO of Isagha Platform for gold and jewellery trading online, said the gold prices fell in local markets and they are slowly returning to the normal rates. He explained that 21-karat declined by EGP 245 in May due to the stable performance of US dollar to EGP, alongside, the decrease of demand.

Embabi added that 24-karat was sold at EGP 1134, on the other hand, 18-karat was estimated at EGP 857.

Finally, the gold pound hit EGP 8000.

Contributed by Rana Atef