Gold prices reach highest level in four months

CAIRO: Gold prices have fluctuated last week between 275 EGP and 277 EGP to hit its highest price since four months due to the major increase in oil prices, said Ihab Wassef, Gold Division’s deputy head at the Federation of Egyptian Chambers of Commerce on Friday.

The latest disputes between Russia and Ukraine, both major oil exporters, led the international oil prices to increase.

The 21 carat was priced at 276 EGP ($39.6) per gram Friday, while the 18 carat was valued at 236 EGP, the 24 carat 315 EGP ($45.2) and the gold pound coin was upped to 2208 EGP ($317) following the increase in the global market to value $1335 per ounce.

The domestic gold market watched a decline in sales Friday, Wassef added, attributing to the recession that coincided with a major increase in prices this week.

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