Arab Finance: The gold prices hit a new record during Tuesday’s mid-session, with the gold ounce surpassing $4,700 for the first time.
Reuters noted that the US gold futures for February delivery climbed 3% to $4,734.10 per ounce.
Locally, the 24-Karat gold prices recorded EGP 7,222.75 for buying and EGP 7,245.75 for selling, as per Isagha.
Likewise, the 21-Karat gold increased to EGP 6,320 for purchasing and EGP 6,340 for selling.
The gold pound’s price amounted to EGP 50,560 for buying and EGP 50,720 for selling.
Earlier this month, the government unveiled plans to maximize added value and transform Egypt from an ore exporter into an industrial hub.