EGYPT: The price of gold rose 3.5 percent today, with a mass of 18-carats selling at 243.5 EGP (U.S. $40.79), a mass of 21-carats selling at 284 EGP (U.S. $47.57), a mass of 24-carats selling at 324.5 EGP (U.S. $54.35) and a pound selling for 2,272 EGP (U.S. $380.56), reported Ehab Wasef, a member of the board of directors of the gold division at the Jewelry Trade of Chamber of Commerce Union. This rise is due to a global market spike, and more can be expected in the coming two months, particularly as companies begin to close their accounts, he added. Other reasons for the increase are the continued rise of the Euro (to U.S. $1.39) and the instability of the Japanese Yen, particularly following the recent earthquakes. “The international markets are waiting for the EU meeting in Brussels during which leaders will try to find solutions for the European debt crisis,” said Wasef. “The results of this meeting will directly affect international and domestic markets.” “Egyptian markets are suffering because of the deteriorating economy in Egypt,” he said, adding that more deterioration is expected in the coming month prior to the parliamentary elections.
