CAIRO: Gold prices are expected to drop on Monday amid an ongoing decline in the domestic market affected by the global markets, the Gold Division’s deputy head at Cairo Chamber of Commerce (COC) Ihab Wassef told Youm7 Sunday.
Global gold prices settled Friday at $1294.8 per ounce, recording the biggest weekly loss with a 1.8 percent decline. The prices were affected by optimism that diplomatic efforts would ease escalated violence in Ukraine, in addition to positive U.S. data, Reuters reported.
“The domestic gold market will work on Monday, which marks Sham El-Nessim celebrations, amid expectations of a booming turnout,” Wassef added.
Prices settled on Saturday, with the 24 carat pricing at 292 EGP while the 21 carat was valued at 255 EGP and the 18 carat reached 218.8 EGP, Al-Mal reported. The gold pound coin fell to 2,040 EGP.
The 21 carat was priced at 274 EGP per gram last week, while the 18 carat was valued at 234 EGP, the 24 carat at 313 EGP and the gold pound coin at 2,192 EGP, according to Youm7.