Gold dealers say that local gold prices have gone "crazy" as international market prices skyrocket in tandem with a dramatic depreciation of the US dollar. According to gold merchant Sami Fakhri, 21 carat gold prices have jumped to LE168 per gram -- LE14 higher than only one week ago -- while 118 carat gold reached LE125 per gram and 24 carat gold LE188 per gram. Rafiq Abbasi of the General Union of Chambers of Commerce predicted more global price hikes in future, which could be expected to lead to declining domestic sales of gold products. Recently released statistics from the official Information Decision and Support Center (IDSC) revealed that the price of 18 carat gold rose 31 percent in October 2009 compared to the same period last year. Economist Sherif Qassem said that governments were currently buying more gold, which is generally considered a safe investment in the face of devaluating national currencies. He expected gold prices to continue soaring until the world economy recovered from the current global financial crisis. Qassem went on to point out that India had recently purchased 200 tons of gold from the International Monetary Fund (IMF) in order to bolster its gold reserves. China, he said, was also expected to buy 200 tons from the IMF before year's end. Qassem criticized Egypt's central bank, however, for reducing interest rates. "This will encourage people to buy gold rather than keeping their savings in banks, which will affect investments," he said. Translated from the Arabic Edition.