Egypt to decide by Wednesday on allowing citizens to import duty-free gold

The proposal was made by the Gold Division at the Cairo Chamber of Commerce to ease pressure on local gold supply and reduce prices.

Nagi Farag, the advisor to the minister of supply for gold manufacturing, told the same TV show on Sunday that the proposal is expected to boost gold supply in Egypt to stablilise the market.

He added that surging gold prices "have been very disturbing."

The gold market in Egypt has been disrupted due to a set of factors, including shrinkage in supply, due to the shortage in US dollars, coupled with ballooned demand.

Gold prices have surged by over 50 percent year-to-date.

On Monday, the per-gram purchase prices of 24-karat, 21-karat, and 18-karat gold amounted to EGP 2,994, EGP 2,620, and EGP 2,246, respectively ($96.88, $84.78 and $72.67, respectively).