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Gold prices rise 12 pounds per gram in Egypt during Eid Week



01:12 h

Friday, August 16, 2019

Written by Shaima Hifzi:

Gold prices rose last week, by about 12 pounds per gram, with the continued rise in crude prices worldwide.

The Naguib Club, secretary of the Cairo Chamber of Commerce's Gold Division, told Masrawy that the price of a gram of 21 carat gold rose to 697 pounds today against 685 pounds last Friday.

The price of a gram of 18 carat gold is about 597 pounds, the gram of 24 carats is about 796.6 pounds, and the price of a pound is 5576 pounds.

Globally, gold prices plummeted on Friday, but are heading for a third straight week, as yellow metal is seen as a safe haven backed by fears of a slowing global economy and lack of clarity over the US-China trade war .

According to Reuters, by 0537 GMT, gold fell 0.3% to $ 1,518.60 an ounce on spot deals, but rose about 1.5% since the beginning of this week after rising in the previous two weeks.

US gold futures fell 0.1% to $ 1529.10 an ounce.


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