Decline in gold prices, increase in foreign currency
An employee shows gold bangles to a customer - REUTERS/Danish Siddiqui
By MARIAM BADR ELDIN

CAIRO: Gold prices declined in the Egyptian market in January by 0.3 percent compared with prices in December, according to a Thursday report by the Information and Decision Support Center of the Egyptian Cabinet.

The prices decreased 16 percent in January 2014 compared with prices in January 2013. The center added in its report that the gold pound recorded at 2,046 EGP in January 2014, and at 2,052 EGP in December 2013, but in January 2013 it reached 2,448 EGP.

The 21-carat gold price declined in January to 255 EGP compared to 256 EGP in the previous month, while in January 2013 it recorded 306 EGP.

The price of 18-carat gold fell in January 2014 to 220 EGP, compared to 219 EGP in December 2013, while it recorded 262 EGP in January 2013.

In the currency market, the price of most foreign currencies rose against the EGP during the month of January 2014, compared to the former month. The U.S. dollar rose against of EGP by 9 percent to hit 6.94 EGP in January, compared to 6.88 EGP in December 2013.

Originally published in Youm7.

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