The fact that the gold market in Egypt was closed … the mystery of the mysterious “declaration”

The fact that the gold market in Egypt was closed … the mystery of the mysterious “declaration”

The goldsmith management of the Federation of Egyptian Industries has clarified the truth of the vague and far-reaching statement that has halted the Egyptian gold market.

The statement attributed to a company has caused widespread controversy in Egypt as it has included instructions to trade in the gold market following a sharp rise in prices.

In response, Rafiq Abbasi, head of the gold division in the Federation of Industries, denied the circulating news of the closure of the gold market in Egypt.

Commenting on the distribution of photos of the decision to close the gold market, Abbasi told “Al-Masry Al-Youm”: “This is one of the ‘towers’, and the gold market can not be closed in Egypt.

He pointed out that the gold market in Egypt is subject to supply and demand, and that the “i Saga” website that published the message “The market is closed due to price turmoil” is a private website and Egypt does not have a gold exchange . .

The head of the goldsmiths division at the Federation of Industry confirmed that the Central Bank could not issue these instructions because the market is subject to supply and demand.

He explained that it is permissible to import or export gold free of customs duties, but the Central Bank has stopped it to preserve the dollar, and he also mentioned that people in the current period accept to buy dollars and gold buy, which led to a rise in the price of gold. Gold has led to a rise in the price of gold.

He continued, “The dealers in this case are intermediaries between the seller and the buyer and deny any allegations of the central bank’s interference in the market.”

The General Department of Jewelry Trade of the Chamber of Commerce and the Department of Precious Metal Manufacturing of the Industrial Association confirmed in a statement that the posting circulated on some social media sites about stopping the movement of gold trading, of a fake and unknown company. The two companies are registered.

Why does Egypt buy gold?

At the same time, last February, the Central Bank of Egypt announced the purchase of 44 tons of gold, which increased its total holdings by 54% to 125 tons, equivalent to 17% of the total Egyptian reserves, which is the highest among the countries in the region.

Egypt topped the list of buyers in the World Gold Council report for the first quarter of this year, followed by Turkey, India and Ireland, but Kazakhstan was first at the seller level, followed by Uzbekistan and Qatar.

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The Council’s report remains the source of all this information about Egypt’s desire to buy gold to support the reserves, without any explanation from the Egyptian side with details that could help investors to control the monetary and economic policies of the Egyptian government. understand and defuse the controversy. – at least among experts – on the extent of the positive or negative impact For this step on the Egyptian economy.

The World Gold Council is made up of leading companies in the field of gold mining, it was founded in 1987 and is headquartered in London.

Experts attribute the reasons for Egypt’s purchase of gold at this time to the Egyptian government’s efforts to confront the effects of global inflation and close the remaining gap following the exit of “hot money” from the Egyptian market after the initial announcement of raising the US interest rate to 0.25. This prompted the Egyptian government to sell shares in some companies, as well as to receive some Gulf deposits, to improve the country’s cash reserve position.

In a press release, a member of the Economic and Legislative Assembly, dr. Mohamed Anis points out that golf deposits can be in gold and not in dollars, in which case Egypt sends a strong message to investors that its economy has the ingredients to withstand the global inflationary wave.

It should be noted that Egypt’s policy of increasing gold support for its cash reserves also depends on the Sukari mine, as Egypt produces about 16 tons of gold annually, most of which comes through the Sukari mine in the Nuba desert. According to statistics from the Egyptian Ministry of Petroleum and Natural Resources. .

The Egyptian government’s interest in local gold production and the monthly purchase of a certain amount of gold from the company that owns the Sukari mining concession has increased since 2017, which is reflected in its gold reserves.

In August 2021, Egyptian billionaire Naguib Sawiris expected the stock market to decline, saying prices had been high for a very long time and inevitably falling at some point, noting that the yellow metal was not immune to all market events .

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Sawiris acknowledged that high interest rates, which could come as economies recovered from the Corona virus crisis, “eroded” gold profits, but said he was a long-term investor in the yellow metal.

“I want to sleep at night and I’m not afraid of a stock market crash or the rise of an epidemic,” he said. Sawiris also advised investors that between 20% and 30% of the portfolio should be gold, knowing that half of Sawiris’ wealth consists of investments in gold.

Late last month, Sawiris’ La Mancha Holding Company announced the creation of a fund to invest in gold and manage more than $ 1.4 billion in assets.

Statement attributable to the announcement of the gold trading strike company

The gold price today in Egypt

And speaking of gold prices today in Egypt, Saturday, May 7, 2022, the price of a gram of 24 carat gold was today about 1120 pounds in Egypt, and the price of a gram of 21 carat gold (the most traded in the markets) today in Egypt was about 980.07 pounds, and the price of a gram of gold 18 carats today at 840.06 pounds.

And the price of an ounce (one ounce) today in Egypt was about 34,834 thousand pounds (1884 dollars), and the price of the gold pound today in Egypt (8 grams of 21 carats) was about 7841 pounds (424.08 dollars).

Gold prices in Egypt vary in different regions and carats, where the value of processing (the trader’s wages for every gram of gold) in the goldsmith regions varies from £ 30 to £ 60, while for some traders it rises from £ 120 to £. 150..

The fact that the gold market in Egypt was closed .. The mystery of the mysterious “declaration” today The fact that the gold market in Egypt was closed..the secret of the mysterious “declaration” now The fact that the gold market was closed in Egypt. the secret of the mysterious “statement” Ramadan 2022

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