CAIRO: Gold prices have stabilized on the usual rates for the past five day, showing stabilization at international and domestic market price rates for the week, the Gold Division’s deputy head at the Federation of Egyptian Chambers of Commerce Ihab Wassef told youm7 on Saturday
Wassef attributed the international stability of gold prices over the last five days to investors’ fears of purchasing and investing in the gold sector amid escalating tensions between Russia and Ukraine
The rise in tension between Russia and Ukraine forced gold prices to decline by 1.8 per cent, registering $1293.43 per ounce, which is considered its lowest price in three weeks, reported ICN
“Despite the large decline in gold prices, the gold investors’ have refrained in purchasing gold, hoping that it may register a greater decline due to the escalated geopolitical conflict between Russia and Ukraine,” ICN reported
Ukraine is considered an important source of oil for European countries, which affects the international markets of gold, reported Youm7, pointing out that the gold investors are waiting for stability in the Russia-Ukraine situation in order to purchase and re-invest in the gold sector
In Egypt’s domestic market, the 21 carat was priced at 267.5 EGP, the 24 carat was valued at 305 EGP and the 18 carat was totaled at 229 EGP, Wassef said, pointing out that Easter day’s festivities along with final exams at schools lie behind the stability in gold prices along with the stoppage in purchasing transactions in Egypt
Additional reporting by Samah Labeeb.