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Egypt for the first time declares an increase in gold reserves and became the third in the world

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Nagy Farag, adviser to the Minister of Supply for the gold industry, said that Egypt became the third in the world to increase the strategic reserves of gold.

Faraj added in a media call that Azza Mustafa, host of the Tahrir Hall program broadcast today on Sada Al-Balad, that the Egyptian state has managed to increase its gold reserves from 75 tons to 125 tons, an increase of 45 tons, stressing that this is a very good development, and is considered to be the supporting force of the Central Bank and benefit the Egyptian economy.

He explained the reason for the growth of gold reserves by the purchase of mining products by the Central Bank, adding that in Egypt there are from 7 to 8 areas rich in gold, including the Golden Triangle, Sukkari and Hamish.

He attributed the rise in global gold prices to its connection to global events, especially the Russian-Ukrainian war, and to the fact that all the world’s central banks, including the United States, which represent the world’s highest reserves, are hedging in the light of gold crises, since gold is considered the only internationally approved currency.

Regarding the price of gold in Egypt, he said that the price of 21 carat gold is currently 1,720 pounds, stressing that gold prices have stabilized 20 days ago.

He added that gold prices in Egypt are determined according to the global stock market, with the global price of gold reaching $1,880, adding that the price of an ounce was $2,000 and is expected to reach $3,000 in the coming period in light of the global crisis. .

Source: Sada El Balad

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