CAIRO: Gold sales expected to increase during last ten days of Ramadan, said head of gold division in the Cairo Chamber of Commerce, Ehab Wasef. Egyptian gold markets witnessed a recession before the Egyptian January 25 Revolution, which increased after the past few months. Wasef said gold prices were recorded at its highest raise in national and international markets. The price of one gram of 21 carat gold increased to 308.5 EGP (U.S. $), 18 carat gold reached 264.5 EGP (U.S. $) and 24 carat of gold recorded at 352.5 EGP (U.S. $). "The global ounce of gold recorded at the highest raise on Friday in U.S.," said Wasef. He said an ounce of gold reached $1,880 for 31.1 grams during trades of comic stock market. The increase was as a result of profit taking process by investors. "The price of gold increased as a result of European debts crisis, which threatens European countries," said the deputy of gold division. "The European crisis coincidences with South Korea's announcement to transfer its surplus of cash into the gold stock," he added.
