Downward spiral causes crash in Egypt’s gold prices

Rasha Mahmoud

Aug 9, 2022

A boy looks at the coins displayed at the exhibition Coins through the Ages at the Egyptian Museum in Cairo, on Aug. 10, 2010. The exhibition contains a collection of coins dating back to different historical periods, including rare gold coins, silver and bronze and other antiques. — KHALED DESOUKI/AFP via Getty Images

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.