CAIRO, Nov. 1 (SEE)- The price of 21 karat gold dropped EGP 8 on Thursday reaching EGP 605 per gram compared to EGP 613 in the preceding trading session.
The fall in price came as the global price declined $ 9 per ounce in yesterdays trading.
Secretary general of the Jewellery Division at the Federation of Egyptian Chambers of Commerce (EFCC) Nadi Naguib said that the price of gold has fallen globally by $ 9 to reach $ 1216 per ounce. "This is reflected in the price of gold locally and is expected to rise again in the coming days," he added.
Member of the EFCC Islam Thabet expects that the price of the 21 karat gold to reach EGP 700 per gram by the end of this year, and EGP 1,000 per gram in the year 2019.
Thabet noted that the price of gold is changing according to the international stock market. "There are many global factors affecting it, including the rise of the dollar, manipulation of traders, and the amount of gold redeemed," he added.
He pointed out that the biggest decline in gold prices was EGP 20 in the preceding years.
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