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.
A boy looks at the coins displayed at the exhibition Coins through the Ages at the Egyptian Museum in Cairo, on Aug. 10, 2010.
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
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Rasha Mahmoud
@R_ma7moud200

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. 

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