Gold Division: Gold retreats to 4 EGP by end of the week

 

Gold - Archive

By SAMAH LABIB - Translated by AMANY SABER

EGYPT: “The price of gold decreased to four EGP (U.S. $0.67) last week. A mass of 18-carat at a record of 232.25 EGP (U.S. $38.87), 21-carat gold reached 271 EGP (U.S. $45.36) per gram, 24-carat at 309.75 EGP (U.S. $51.84), and a pound of gold at 2,168 EGP (U.S. $362.85),” said a member of the board of directors of the general division of jewelry trade of chambers of commerce union, Ehab Wasef.

Wasef said recession affected Egypt’s gold markets but begun to revive during this current phase.

The security disorder, parliamentary elections and gold shop owners’ anxiety make costumers hesitate to buy gold. Gold shop owners are following the events carefully in order to close their shops if any troubles take place.

Wasef also said the production of gold during 2011 is less than what was produced in 2010. Although many new shapes are available, gold products in the market are only 40 percent of the usual annual production. He warned this may affect large gold factories in Egypt, particularly factories in the industrial zone that control production of gold for the local market. Many of these factories closed after the Egyptian January 25 Revolution.

“The prices of gold can not be predicted now, particularly after the rise of global and Egypt’s markets disorder,” Wasef said. He added the death of Muammar Gadhafi did not affect the prices of gold or petrol at all.