A local gold trader working in Egypt’s black market said that currency speculation, in addition to the expansion of the black market trade in dollars, which has led to the devaluing of the Egyptian pound, has created a black market for gold.

“This has created a recession in the trade of precious metals,” he said.

Official prices for the sale of a gram of 18-carat gold recently reached EGP 245, or $35.3, with 21-carat gold grams reaching EGP 290 and 24-carat grams EGP 341.

“The price of US dollars on Egypt’s black market has become the foundation upon which the price of gold is determined,” said Sami Fakhri, a member of the Gold Division at the Cairo Chamber of Commerce (CCC).