CAIRO: Gold prices are expected to rise in the domestic market this week, amid a wave of price increases in the global market, said deputy head of the gold division at the Cairo Chamber of Commerce (CCC) Ehab Wassef to Youm7 Sunday.
In light of the limping economy, the local gold market witnessed a low turnout recently, with the price of 21 carat gold jumping to 276 EGP per gram (U.S. $40), added Wassef.
“Gold is not selling during this period because of the rising prices,” Wassef said.
Wassef attributed the price increases of precious metals to the rise in the U.S. and European economic indicators.
The price of 18-carat of gold has reached 234 EGP per gram, and 24-carat of gold is worth 313 EGP per gram, according to Wassef.
Originally published in Youm7.