By: Mohamed Mowafy
Cairo – Mubasher: Gold prices in Egypt plunged by around EGP 20 per gram on Thursday to record its lowest levels in seven months, as the global price dropped to $1,815 per ounce.
The global gold prices have decreased, as large quantities of gold were placed in the global market amid the rise in the value of the dollar to its highest level in two months, the Secretary-General of the Gold Division at the Federation of Egyptian Chambers of Commerce (FEDCOC), Nady Naguib, told Mubasher.
On Thursday, the price of 21-karat gold in Egypt retreated to EGP 788 per gram, while the per-gram price of 24- and 18-karat gold reached around EGP 890 and EGP 680, respectively.
Naguib referred that the gold pound is priced at EGP 6,304.
The Secretary-General of the FEDCOC further remarked that demand for gold is witnessing a steep decline of 70%, when compared to the earlier period.
