As the dollar retreated against the euro, the price of gold has increased internationally, reaching US$1100 per ounce, and raising the demand for gold as an alternative form of investment. Meanwhile, local sales have remained low.
Local markets saw a 0.8 percent increase in the price of gold on Monday, compared to the US$1091.65 per ounce–or 35.5 grams of 21-carat gold– recorded on Friday.
Sami Fakhry, a jeweler, said that first-term exams coupled with the recession suffered by the clothes market have kept gold sales low. The owners of clothing shops usually invest part of their revenues in gold, according to Fakhry.
Meanwhile, the price of one gram of 21-carat gold currently stands at LE167, and the price of 18-carat gold at LE134.
Prices of gold soared last year, increasing by 25 percent due to the international financial crisis.
Translated from the Arabic Edition.
