(MENAFN- Youm7) The price of one gram of gold today rose to 4.5 EGP (U.S. $0.75) because of gold price spikes in the London stock exchange, reported Ehab Wasef, a member of the Gold and Jewelry Chamber in Cairo.
"An ounce of gold rose to U.S. $1,724," he added.
"These increases are due to global markets, not because of today's elections," Wasef continued. "Most gold shops and goldsmiths are closed today, fearing disturbances in the market from election unrest."
He added that 21 millimeter (mm) gold spiked to 284 EGP (U.S. $47.31) from 279.5 EGP (U.S. $46.56) per gram, 18 mm gold rose to 244 EGP (U.S. $40.64) per gram and 24 mm gold rose to 324 (U.S. $53.97) EGP per gram.
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