Gold prices in the Egyptian market have reached the highest level ever, despite the global price of an ounce falling, according to a report by Gold Bullion. This shows that local factors are more influential on the prices than the international ones. The most popular 21k gold started trading on Tuesday at EGP 3,360 ($109) per gram, and then rose to a record high of EGP 3,400 ($110) per gram. This was after the price increased by EGP 80 on Monday and closed at EGP 3,360 per gram. This news has raised concerns among market players and pushed the price of the hedge dollar, which is used to price gold, to record levels.
