2023-05-01 11:57:00
02:57 PM
Monday 01 May 2023
I wrote – Sherine Salah:
The price of a gram of gold decreased by regarding 200 pounds in recent days, following it witnessed historical jumps that had not happened before at the end of last week.
The price of a gram of 21 carat gold jumped in transactions last Thursday evening to 2800 pounds, before it fell back during the current week’s trading to 2600 pounds.
Will gold prices continue to fall?
Nagy Farag, head of the Economic Committee of the Gold Division of the Cairo Chamber of Commerce, told Masrawy that gold prices will witness a state of calm and stability near their current levels during the coming period.
Faraj added that the initiative proposed by the Minister of Supply and Internal Trade to allow the entry of gold from abroad without customs, would help, if implemented, to increase the supply of gold in Egypt, and this might lead to a decline in prices.
The gold market in Egypt witnessed a decline in supply during the past week, due to the crowding of citizens to buy bullion and gold pounds following the rise of gold to large levels, as the increase in demand in light of the limited supply with the halt of import leads to a decline in the supply in stores.
The gold shops stopped the buying and selling movement during the hours of last Thursday, until the prices stabilized, following a state of turmoil, different pricing, and the occurrence of insane successive jumps in prices, according to Naguib Lamrawy Club earlier.
However, the shops then resumed the sales movement, according to Masrawy gold dealers.
And the General Division of Gold met yesterday, Sunday, and announced that a detailed memorandum will be submitted to the Minister of Supply and Internal Trade to be submitted to the Prime Minister to allow customs outlets for arrivals or returnees from abroad to enter gold bars similar to the dollar permitting system and the same rate of availability, equivalent to ten thousand dollars, or regarding 150 grams, according to prices. Global stock exchange for gold.
The division said in a statement that this comes especially since bullion is a production input that is exempt from customs, in order to provide new crude in the market without the need for dollar liquidity to import it.
The Division also decided to launch awareness campaigns for the merchant and consumer in cooperation with the Ministries of Supply and Internal Trade, Trade and Industry, the Stamp and Scales Authority and the Consumer Protection Agency to familiarize retailers with the controls and rules for launching discounts in accordance with the procedural and legal rules for that.
The campaigns include educating the consumer not to be deceived behind offers of fake discounts that were monitored during the past weeks to protect the internal trade movement from illegal activities that the Division monitored to deceive consumers, according to the statement.
The division indicated that some people presented unreal discounts on the pages of communication sites, and some gold shops announced strong discounts and reductions in the prices of manufactures that are not true, which deceives the consumer on the one hand and offends other merchants by showing them exaggerating their prices on the other hand, explaining that the offers that were launched It does not rise to be the cost of the product itself, according to the statement.
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