Domestic gold loses 4 EGP/gram last week

Cairo-Egypt (Feb 15)  Domestic gold prices lost 4 EGP on the gram during the course of last week, shadowing the precious metal’s dip on global markets, said Amin Wassef, head of the Gold Division at the Federation of Egyptian Chambers of Commerce (FEDCOC), Sunday.

“Twenty-one carat gold was priced at 265 EGP ($36.35) per gram, while the 18 carat was valued at 227 EGP. The 24 carat was at 302 EGP and the gold pound coin was priced at 2,120 EGP,” Wassef told Youm7.

Meanwhile, gold prices were expected to hold steady last week as the U.S. dollar stabilized against the Egyptian pound in the parallel [black] market. Dealers sold the dollar for 8.71 EGP against 8.67 EGP for purchase.

The pound stabilized at 7.53 per dollar at a regular central bank auction last week, after 10 depreciations since Jan. 18 in a fight against the black market.

Wassef added, “The domestic gold market has been witnessing a recession and turnout has been very low due to bad economic situation in general, in addition to security unrest in this period.”

The gold market is expected to sustain Monday, in an attempt to reach a balanced level after high fluctuations, said the gold division’s head.

Source: TheCairoPost