High global prices for precious metals stunt local demand

Domestic demand for gold and silver has continued to fall as a result of successive jumps in international precious metals prices.

The price of 18-carat gold rose to LE193 per gram this week, while the per-gram price for 21-carat gold currently stands LE225.

"Gold prices have risen continuously over the last three months,” said Ihab Wafy, a jeweler in downtown Cairo. “I’ve lost 95 percent of my customers.”

Reda Youssef, another jeweler, attributed falling sales to fluctuating global prices.

“When the price of gold keeps moving up and down, people tend to refrain from buying it,” he said. “I’ve had to reduce the number of pieces displayed in my shop.”

Translated from the Arabic Edition.

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