Egyptians hoard gold jewelry
The price of gold in Egypt has declined, amid growing demand for jewelry.
Gold prices in Egyptian markets dropped recently, with the price of a 21-karat gram, the most popular in Cairo, hitting about 776 Egyptian pounds ($49.45), compared to 794 Egyptian pounds (about $50.60) at the end of July.
An 18-karat gram is sold at about 665 Egyptian pounds ($42.40), and a 24-karat gram at about 887 Egyptian pounds ($56.50). A sovereign of gold — equivalent to 8 grams — is now sold at 6,208 Egyptian pounds ($395.60), after dropping by 144 Egyptian pounds ($9.20) since the beginning of August.
Nadi Naguib, secretary-general of the Gold Division at the Cairo Chamber of Commerce, told Al-Monitor that the price of a gram of gold decreased by 18 Egyptian pounds ($1.15) in one go. He attributed this to the rise in dollar prices globally, with the release of the latest jobs report in the United States.
This comes amid a global dip in prices, with gold dropping to a four month low of $1,677.90 per ounce on Aug. 8. As of Aug. 13, the price had slightly increased to $1,773 per ounce.
