“Many gold workshops and shops closed as a result of declining the selling movement in Cairo and other main cities in Egyptian governorates during summer months” said the board of directors member of the general division of jewellery trade of chambers of commerce union, Ehab Wasef. Wasef said gold sales during current week declined and recorded zero because of bad economic conditions in Egypt, continuously raise in gold prices, starting new educational year and ending summer season, which is considered the best season for selling gold, however it was the worst this year. Wasef said gold selling and purchasing movement during current year was the worst one in gold industry history. It reduced by 50 percent. Gold prices are expected also to raise more. Many gold workshops and factories lost laborers because market decline. Security loosing was another reason for stop purchasing jewelleries. Wasef confirmed that Egyptian citizens used to purchase gold pounds and bullion as investment, however they stopped now after the security loosing. “Gold prices are increasing because of European debt crisis which coincides with US debt crisis and South Korea announcement to turn its surplus cash into gold stock, said Wasef . Regarding latest changes in gold prices in international and local markets Wasef said gold prices recorded $1790 per ounce in European and Asian markets. Local prices are stable during last two days. 21-carat gold reached 296 EGP per gram, 18-carat record 253.75 EGP , 24-record 338.25 EGP, and the price of gold pound reached 2368 EGP.
