Gold prices continued to decline for the third day in a row. The 24 carat price scored LE293.70 on Friday, the 21 carat about LE 257, and the 18 carat around LE220 pounds.
A pound of gold reached LE2068.
Head of the Division of Gold at the Federation of Chambers of Commerce, Wasfy Amin said that world gold prices have continued to decline as the ounce reached US$2. He added that the decline is expected to continue with the US economic crisis likely to be resolved soon.
According to a report by Reuters, the price of the dollar increased as the US economic crisis is expected to be resolved soon. Thus, gold has become less attractive to customers and is no longer a refuge. The report added that gold prices declined by 1.9 percent at the beginning of the week.
Gold expert Nageeb Nady said that despite low gold prices, buying and selling in Egypt is still weak.
He added that in addition to the sharp rise of living expenses in general, the rise in meat prices and the beginning of the school year strained the Egyptian family’s budget.
Edited translation from Al-Masry Al-Youm
