Fastest News Updates around the World

In spite of global economic recession, what is driving the increase in gold prices in Egypt?

68

- Advertisement -

Traders expected gold prices in Egypt to continue to rise in the coming days in light of the uncertainty in the local market and increased local demand for the metal.

Klub Naguib, former general secretary of the gold department of the Cairo Chamber of Commerce, said that gold prices in Egypt are expected to continue to rise in the coming period.

He pointed out that in light of continued demand for gold in the local market and the stability of the amount of gold available to traders, prices are rising significantly.

Hani Milad, head of the gold department at the Cairo Chamber of Commerce, agreed with him, telling Masravi that he expects gold prices to continue rising in the coming period as a result of increased demand for it.

Milad explained that gold prices depend on several factors, the most important of which are the price on international stock exchanges, the price of the pound against the dollar, and supply and demand in the local market.

Milad added that supply and demand currently influence the price of gold in Egypt the most. Since it was decided to introduce some restrictions on the import of non-essential goods, the price of gold in the local market rose due to lack of supply.

He pointed out that in light of continued demand for gold in the local market and the stability of the amount of gold available to traders, prices are rising significantly.

Milad explained that gold pricing is the responsibility of crude oil wholesalers and is currently priced based on supply and demand.

Gold prices in Egypt have recorded significant gains in recent days as the price per gram reached record levels not seen before in Egypt as the price per gram of 21 carats reached around 2510 pounds yesterday. a significant decline from March 21, 2022 to the present, after which the Central Bank allowed it to move as part of the adoption of a flexible exchange rate regime, as the price of the dollar rose against the pound over the specified period by 96%, as a result of which the price in banks to the mark 31 lbs.

Meanwhile, the global spot gold price fell 0.1% to $1,980.89 an ounce in London, while US gold futures settled at $1,990.20.

Egyptian source

Leave a Reply

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More