CAIRO: Gold prices declined by 3 EGP (U.S. $0.50) on Tuesday, according to Salah Abdel Hadi, head of the gold and jewelry division in the Egyptian chamber of commerce. The price for one gram of 21-carat gold declined to 286 EGP (U.S $47.59) from it was sold at 289 EGP (U.S $48.09); a gram of 18-carat gold declined to 245 EGP (U.S $40.77); and a gram of 24-carat gold declined to 326 EGP (U.S $54.27). The price of the Egyptian gold pound is 2,290 EGP (U.S $381). The decline in gold prices is a response to the global decline of prices in the international stock markets, as an ounce of gold reached U.S. $1,712, said Abdel Hadi. Abdel Hadi said that the gold stores' owners are closing their shops as a precaution in case any clashes take place because of the elections.