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Gold prices in Egypt drop ahead of Christmas holidays

Gold prices in Egypt drop ahead of Christmas holidays
Demand for gold witnessed a steep decline of 80% this year

By: Mohamed Mowafy

Cairo – Mubasher: Gold prices in Egypt retreated by about EGP 2 per gram on Tuesday as the global price dropped to $1,875 per ounce ahead of the Christmas holidays.

The decline in gold prices was ascribed to the appreciation of the US dollar exchange rate, causing investors to turn to the greenback, viewed as a safe haven, following the approval of a COVID relief package worth $900 million by the US Congress.

On Tuesday, the 18-karat gold registered EGP 690 per gram, while the per-gram prices of 21- and 24-karat gold fell to EGP 819 and EGP 925, respectively, Nady Naguib, Secretary General of the Gold Division at the Federation of Egyptian Chambers of Commerce (FEDCOC), told Mubasher.

Demand for gold witnessed a steep decline of 80% in this period as compared to a year earlier, despite the Christmas holidays which used to spur the sales of the precious metal, Naguib noted.

The COVID-related restrictions such as the closure of wedding venues have hit the demand for gold, he explained.