Al-Mashat, EBRD President discuss Egypt-EU investment conference, private sector support    Seventh shipment of Pakistani aid arrives in Egypt for Gaza    Egypt receives $14bn second tranche of UAE's Ras El-Hekma deal    Biden offers to debate Trump under new terms, bypassing debate commission    Central Asian economies to grow by 5.4% in '24 – EBRD    Turkey's economy to see 3.0% growth in '25 – EBRD    S. Arabia's inflation edges up to 1.6% in April – GASTAT    US, EU split on strategy for Russia's frozen assets    NCW initiates second phase of Women's Economic Empowerment in Fayoum for financial autonomy    Empower Her Art Forum 2024: Bridging creative minds at National Museum of Egyptian Civilization    Niger restricts Benin's cargo transport through togo amidst tensions    Malian MP warns of Western pressure after dialogue recommends extending transition    Egypt's museums open doors for free to celebrate International Museum Day    Egypt and AstraZeneca discuss cooperation in supporting skills of medical teams, vaccination programs    TSMC to begin construction of European chip factory in Q4 '24    Biden harshly hikes tariffs on Chinese imports to protect US businesses    Madinaty Open Air Mall Welcomes Boom Room: Egypt's First Social Entertainment Hub    Egypt, Greece collaborate on healthcare development, medical tourism    Egyptian consortium nears completion of Tanzania's Julius Nyerere hydropower project    Al-Sisi inaugurates restored Sayyida Zainab Mosque, reveals plan to develop historic mosques    Sweilam highlights Egypt's water needs, cooperation efforts during Baghdad Conference    AstraZeneca injects $50m in Egypt over four years    Egypt, AstraZeneca sign liver cancer MoU    Swiss freeze on Russian assets dwindles to $6.36b in '23    Climate change risks 70% of global workforce – ILO    Prime Minister Madbouly reviews cooperation with South Sudan    Egypt retains top spot in CFA's MENA Research Challenge    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    Debt swaps could unlock $100b for climate action    Amal Al Ghad Magazine congratulates President Sisi on new office term    Egyptian, Japanese Judo communities celebrate new coach at Tokyo's Embassy in Cairo    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Global, local gold prices return to earth
Nagy Abdel Aziz Published in Almasry Alyoum on 13 - 12 - 2009

Local gold prices took a fall this weekend, reflecting a decline in their global counterparts, with the price of one troy ounce dropping from LE6169 to LE6109 on the local market.
Gold prices rose sharply three weeks ago when a number of national governments began buying huge volumes of the precious metal to offset falling currency values.
"But the Dubai debt crisis brought prices back down again after traders in the Gulf began selling off some of their gold holdings for cash," said Rafiq Abbasi, head gold trader at the Egyptian Chamber of Commerce. Abbasi went on to point out that global gold prices were linked to a basket of currencies and not just to the US dollar.
On the local market Saturday, the gold guinea fell from LE1385 to LE1272; 24-carat gold fell from LE197 per gram to LE195.94; 21-carat dropped from LE173 per gram to LE171; 18-carat from LE148 per gram to LE147; and 14-carat from LE115.3 per gram to LE114.7.
Translated from the Arabic edition.

Clic here to read the story from its source.