Sharp Decline in Local Gold Prices: Drop of 170 Egyptian Pounds per Gram in the Past Two Days
The price of gold in the local market witnessed a sharp decline of about 170 Egyptian pounds per gram over the past two days This came after a significant increase in the previous two days reaching a value of about 275 Egyptian pounds per gram.
Gold in Gold market - Photo By Egypt Independent
The price of 21-carat gold recorded 2280 Egyptian pounds per gram in the evening trading session today compared to 2450 Egyptian pounds per gram last Saturday.
Nadi Najib former general secretary of the gold sector at the Cairo Chamber of Commerce said that the reason behind the return of gold prices to decrease is supply and demand. When the price rose significantly and unexpectedly some consumers were encouraged to sell their gold which increased the supply again.
Najib added that as the gold continues to decline, more selling operations increase out of fear of prices returning to pre-increase levels.
He pointed out that gold prices remained stable around 2150 and 2200 Egyptian pounds per gram of 21-carat gold during the past two months.
According to the data of the General Gold Sector the price of 18-carat gold decreased to 1954 Egyptian pounds per gram in the evening trading session today, and the price of 24-carat gold decreased to 2606 Egyptian pounds per gram.
The price of the gold pound also declined to 18240 Egyptian pounds, although this price may vary from one merchant to another as it represents the value of gold in pounds.
