2023-12-27 15:42:00
05:42 PM Wednesday 27 December 2023
Written by Dina Khaled:
Hani Milad, head of the Gold Division at the Cairo Chamber of Commerce, advised citizens to be careful and patient before making the decision to buy gold at the present time for the purpose of investment.
Milad told Masrawy that the state of fluctuation and instability that the gold market is witnessing makes it difficult to predict what will happen to its prices in the future.
He added that buying at a time when the price of gold is witnessing huge jumps and record numbers for no apparent reason “is a big adventure that may result in a loss.”
Milad believes that the best time to buy gold is always the time when the gold market is experiencing relative stability.
The price of gold fell by regarding 80 pounds per gram today, Wednesday, until this evening’s trading, compared to its level yesterday evening, following significant and successive rises in recent days, where it jumped by 300 pounds per gram during the last two days, including 200 pounds yesterday, recording new record numbers, as the price of a gram jumped. 21 carat to the level of 3350 pounds yesterday evening.
This reflects the state of turmoil, confusion, and uncertainty that the gold market in Egypt has been suffering in recent days, especially with some reports and gold selling platforms indicating that these large price movements are unjustified.
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