Gold Prices Rise 0.75% in Egyptian Market

The prices of local gold increased by 0.75% during the week in the Egyptian market.

The price of the 24K at jewelry stores increased by EGP 5.94 to record about EGP 798.9 on Saturday, compared to EGP 792.97 compared to the same day a week earlier.

The 22K recorded EGP 732.34 compared to EGP 726.9 at the end of last Saturday's trading, to rise by about EGP 5.44.

Also, the 18K price per gram increased by about EGP 4.45 to record EGP 599.19 compared to EGP 594.7  last week.

The price of a 14K rose by about EGP 3.43 to EGP 466 compared to EGP 462.57.

The 8g gold coin also surged to recorded 5,592 by the end of today's trading.

As for ounce of gold, the precious metal rose about EGP 185 pounds in just one week, to stand at EGP 24.846. The spot price of gold ended the week, up 0.7% to $ 1573.73 an ounce.

Globally, the yellow metal jumped to its peak, recording a two-week high, due to the latest concerns in the outbreak of the coronavirus, investors' fear of risk and appetite for safe haven assets.