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Gold prices have witnessed stability in local markets, after the 21-gram (most common) gram price touched the 700-pound limit, driven by strict measures in airports in many countries of the world, due to the outbreak of the Corona virus in China, and the monitoring of infected cases in a number of European countries.
Club Naguib, Secretary of the Gold Division of the Federation of Chambers of Commerce, said that the price of a 21-gram gram stabilized at 698 pounds, after jumping by about 55 pounds, after the announcement of a “corona” outbreak in China in mid-January.
He explained that the price of a 18-gram gram was 598 pounds, the 24-gram gram price was 798 pounds, and an ounce price was 1589 dollars.
Naguib stressed that, despite the global increase in gold prices, the increase in Egypt came relative because of the stability of the dollar price at a low level.
For his part, Prince Rizk said, jewelers, that prices have risen tremendously during the past two weeks, affected by the strict and precautionary measures that a number of international airports have done in many countries of the year, due to the outbreak of the Corona virus in China.
However, “Rizk” emphasized the existence of a “noticeable movement” in the process of buying and selling in the precious metal in the local market, due to the mid-year vacation, which often witnesses a number of joys.
He expected another increase in the price of gold if strict measures continued in the airports, and some work related to the gold trade in China would cease.