Egyptian gold prices continue modest downward trend

Ahram Online , Sunday 5 Feb 2023

Egyptian gold prices dropped on Sunday, continuing their modest decline from the record highs in early January.

File Photo: A shop window of jewellery store in one of the streets of Cairo, Egypt. Al-Ahram


The price of a 21-karat gram declined from EGP 1,715 on Saturday to EGP 1,710 on Sunday.

Meanwhile, a 24-karat gram was priced at EGP 1,960 and an 18-karat gram at EGP 1,470.

Globally, although gold prices remained stable on Sunday, they have also declined over the past three weeks, falling below $1,900 per ounce on Friday.

On Friday, gold futures contracts dropped by approximately $54.2, or 2.8 percent, settling at $1,876.60 per ounce – the lowest settlement since January 10th. This also marked the largest weekly loss since June 2021.

This decline was a result of the release of the latest monthly jobs report in the United States.

Gold prices in Egypt have also declined over the past three weeks. They hit a record high on 11 January, reaching EGP 1,820 for a 21-karat gram.

Before the Russian-Ukrainian war, a 21-karat gram sold for EGP 1,013.

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