Dr. Nagy Farag, advisor to the Minister of Supply for Industry, commented gold On the record levels achieved by gold following the Ukrainian-Russian war as a safe haven in times of instability and wars, saying: “The current rise in prices that the yellow metal is witnessing locally now is not the highest in its history. A year and a half ago, the price of 1070 dollars per ounce reached 985 pounds, and therefore the record levels today are not the highest in the history of gold“.
He added, in a telephone interview, during the “A Last Word” program, presented by the media, Lamis Al-Hadidi, on the screen ONThe recent rises locally are very strong and raised the price of a gram from 21 karat to approximately 900 pounds, continuing: We are waiting for more turmoil in gold prices during the coming period as long as the crisis continues, as the presence of instability makes the yellow metal subject to pressure by central banks and investment banks And institutions as a store of value and a safe haven in light of wars and political and military turmoil.
And about the groups that buy gold currently among citizens, he said: “Citizens buy every need of gold pounds and folk crafts as they are low costs related to workmanship and are a source of adornment at the same time, explaining that the Egyptian market currently has very distinguished Egyptian production in quality, no less than the Gulf or the Indian. On the contrary, the gold industry in Egypt has become endemic and has foundations“.
And about his advice to citizens at this time, he said: No one bought gold at any time and was upset, whatever the price, the store of value that he bought for 400 pounds sold it for 500.