2023-05-14 11:57:00
Books by Hani Al-Houti
Sunday, May 14, 2023 02:57 PM
said Rami El Dokani, president The Egyptian Stock ExchangeThe stock exchange will provide, on its website, indicative instant prices for the best buy and sell offers per gram of gold ore (24 karat) through data provided by a company specialized in trading the precious metal.
Al-Dokani added, in a press statement, today, Sunday, that this step comes in conjunction with the start of receiving subscription in the first fund specialized in investing in gold in Egypt, following obtaining the necessary approvals from the Financial Supervisory Authority.
Al-Dukani said that the establishment of investment funds in precious metals, especially gold, will control the market and increase its transparency. The need to buy gold from the markets and keep it without paying additional costs such as “factory” and others, which works to reduce risks and maximize returns in the long term.
The EGX Chairman added that the Egyptian Stock Exchange is working on developing a special trading program that allows receiving requests to buy and retrieve the documents of the aforementioned fund from its member brokerage firms, which contributes to creating an active secondary market for trading these documents, in full coordination with the Financial Supervisory Authority.
It is worth noting that one of the requirements for launching precious metals funds is the existence of refineries for those minerals that are recognized and approved locally and internationally, and that gold funds are a specialized entity to invest in gold by issuing documents to be subscribed to, and then the proceeds are directed to purchase refined and purified gold according to specific criteria. locally and internationally, and these funds achieve a return according to the movement of gold prices.
This type of investment funds is one of the investment products developed in the Egyptian market to attract a segment of investors who have turned to gold recently, as a number of large investors preferred to pump their money directly into gold bars, and some small investors tended to save their money in gold by buying pounds and gold jewelry. Which carries them with costs such as “factory” and others. It was also noted that a number of local investors have purchased documents in gold investment funds in countries outside Egypt, which explains the expected demand for these funds following their establishment.
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