One member of the gold and jewelry division in the Egyptian chambers of commerce Ihab Wasef said the price of gold declined on Monday by 3.5 EGP (U.S. $0.59) per gram. The cost of one gram of 21-carat gold costs 285 EGP (U.S. $47.8) after its price ranged between 288.5 EGP (U.S. $48.3) and 289 EGP (U.S. $48.4) as the price of gold declined globally on Monday October 31. One ounce of gold costs U.S. $1716 after it cost U.S. $1740 during the past few days. The cost of one gram of 18-carat gold declined to 244.15 EGP (U.S. $40.9) and the price of 24-carat gold costs 325.70 EGP (U.S. $54.67) for one gram, while a pound of gold costs 2280 EGP (U.S. $382). Wasef said the reason behind the decline of the price of gold is yet unknown in the international market since they did not decline in London's stock market, but declined in Singapore's stock market without any clear reasons. He pointed out the price of gold rose during the past few days and one ounce cost U.S. $1750. A solution was reached during Brussels meeting for the European debts dilemma.