Gold prices in Egypt rise as international prices increase

CAIRO – 12 July 2017: Gold prices in Egypt rose by LE 8 per gram as a result of a hike in the international prices of gold, head of the Gold Division at the Cairo Chamber of Commerce, Wasfi Amin, told Egypt today on Wednesday.

Amin said that international gold prices increased on Wednesday from $1,207 to $1,221 an ounce (28.35 grams), adding that the Central Bank of Egypt’s (CBE) decision to hike interest rates by two percent was also a reason for the increased prices.

Gold prices on Wednesday recorded LE 616 per gram of 21-carat gold, LE 528 per gram of 18-carat gold, and LE 704 per gram of 24-carat gold.

The price of the gold pound registered LE 4,928, while the gold ounce stood at $1,219 internationally.

Amin did not expect gold prices in Egypt to decline over the coming period.

Due to the hike of gold prices in 2016, most of gold Jewelers have stopped importing gold jewelries.

The local market does not suffer from gold shortage as gold exports’ volume reached 45 tons, according to Amin.