Gold prices in Egypt declined over the weekend, tracking a global pullback after a sharp correction in international markets at the end of last week, according to iSagha, a gold pricing platform. The price of 21-carat gold, the local benchmark, fell by around EGP 80 (USD 1.7) on Saturday, 31 January, to EGP 6,670 (USD 141.43) per gram, according to data reported by iSagha. Over the course of the week, prices showed wide swings, opening at EGP 7,350 (USD 155.90) and closing at EGP 6,750 (USD 143.15), a weekly decline of roughly EGP 600 (USD 12.73) per gram. Globally, gold ended the week down 1.9 percent, despite posting strong monthly gains of 13.4 percent. The price of an ounce dropped by about USD 93 (EGP 4,385.88) to close at USD 4,895 (EGP 230,848.20), after reaching a record high of USD 5,602 (EGP 264,190.32) earlier in the week. According to iSagha CEO Saeed Embaby, 24-carat gold reached EGP 7,623 (USD 161.68) per gram, 18-carat gold stood at EGP 5,717 (USD 121.20), and the gold pound was priced at around EGP 53,360 (USD 1,131.35). Embaby said local prices had recently been trading…
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