Downward spiral causes crash in Egypt’s gold prices
Gold prices sharply dropped in Egypt amid a drop of global prices after the US Federal Reserve hiked interest rates.
Gold prices went down in Egypt in the first week following the 10-day Eid al-Adha holiday in early July despite a rise in selling and buying operations.
On Aug. 3, the price of a gram of 24-karat gold dropped by about 4 Egyptian pounds (21 cents), to 1,178 Egyptian pounds ($61.66). This type of gold is the most expensive in Egypt because of its high quality.
On the same day, the price of a gram of 21-karat gold in Egypt fell to 1,030 Egyptian pounds ($53.92). The 21-karat gold is currently the most prevalent caliber in Egypt.
The price of the 21-karat King George gold coin, which weighs 8 grams, dropped by 32 Egyptian pounds ($1.68) to record 8,240 Egyptian pounds ($431.31). This type of gold is popular in Upper and Lower Egypt.
