CAIRO: Gold prices dropped 7.7 percent in the Egyptian market during October, compared with September. Comparatively, prices are 9.28 percent above October 2010. The economic and social indicators report issued by the cabinet information centre revealed that the price of one gold pound reached 2,203.8 EGP (U.S. $373.5) in October compared with 2,386.8 EGP (U.S. $404.5) in September. In October 2010, the price was 1,710.2 EGP (U.S. $289.8). One gram of 21-carat gold dropped to 275.5 EGP (U.S. $46.7) in October compared to 298.3 EGP (U.S. $50.5) in September and 213.8 EGP (U.S. $36.2) in October 2010. The price of 18-carat gold hit 236 EGP (U.S. $40) in October, versus 255.7 EGP (U.S. $43.3) in September and 183.1 EGP (U.S. $31) in October 2010. In the currency market, the dollar exchange rate decreased slightly during October by 0.2 percent to reach 5.95 Egyptian pounds to one U.S. dollar versus 5.96 in September. Compared with October 2010, the rate has increased 2.4 percent, from 5.75 Egyptian pounds to the dollar. There was a decline in the exchange rate to the euro in October to record 8.09 Egyptian pounds to the euro versus 8.19 pounds in September, indicating a 2.1 percent drop. The pound-euro rate has increased 8.1 percent from October 2010, when it was 7.95 pounds to the euro. The price of the Egyptian pound to the pound Sterling increased by 1.1 percent in October, reaching 9.31 Egyptian pounds to the pound Sterling over 9.41 in September. The rate has risen 6.2 percent from October 2010, when the rate was 9.07. The exchange rate of 100 Japanese yen has stabilized at the same level recorded last month at 7.75 Egyptian pounds. However, it has increased 7.10 percent compared with 7 pounds during October 2010.
