Advising caution when buying gold in the current period, Nagy Farag, Advisor to the Minister of Supply for the affairs of the gold industry, urged citizens not to purchase in large quantities, as gold prices in the markets are currently exaggerated and do not reflect the fair price. Farag explained that there is instability in the prices of the precious metal at present, and that the fair price for a gram of 21 karat gold currently ranges from 1900 to 1950 pounds at maximum. Farag advised citizens to take advantage of high-return certificates issued by banks to counter the inflation situation, as the government is pursuing wise policies to combat inflation. The National Bank of Egypt’s issuance of high-return certificates has led to a decline in gold prices, particularly as current prices for gold jewelry in the markets are exaggerated and do not reflect the fair price. Farag expects gold prices to reach a fair price soon. By law, the sale of precious metals and valuable stones without the government’s stamp or the hallmarks recognized by foreign governments with reciprocity is prohibited. The Egyptian and foreign stamps for precious metals shall be determined by a decision of the Minister concerned with internal trade.
Written by Medhat Wahba
Wed, 05 Apr 2023 05:00 AM
Advised Nagy Farag, Advisor to the Minister Supply For the affairs of the gold industry, citizens should wait when buying gold in the current period, and not to buy in a large way, stressing that gold prices in the markets are currently exaggerated and do not reflect the fair price, explaining that there is instability in the prices of the precious metal at the present time, and that the fair price For a gram of 21 karat gold, it is currently assumed that it ranges from 1900 to 1950 pounds as a maximum.
Nagy Farag advised citizens to take advantage of the high-return certificates issued by banks to counter the inflation situation, as the government is pursuing wise policies in order to combat inflation, pointing out that with the issuance of high-return certificates by the National Bank of Egypt, gold prices began to decline, especially since the current prices The gold jewelry in the markets is exaggerated and does not reflect the fair price, expecting the continuation of gold prices to reach the fair price.
Censorship is prohibited by law Precious metals And stones of value, the sale of gold, silver, platinum, or gold on which platinum is mounted, or silver on which gold is mounted, or offering it for sale or possessing it with the intention of selling, unless it is stamped with the Egyptian government’s stamp, or with one of the hallmarks recognized by foreign governments, on the condition of reciprocity, and in In all cases, the marks of Egyptian and foreign stamps shall be determined by a decision of the Minister concerned with internal trade.
In conclusion, it is advisable for citizens to exercise caution when considering buying gold during this period of market instability. According to Advisor to the Minister of Supply Nagy Farag, the current prices of gold jewelry are exaggerated and do not reflect the fair price of the precious metal. Instead, citizens should opt for high-return certificates issued by banks to counter the inflation situation. It is also important to note that selling precious metals without the proper stamps is illegal and punishable by law. Let us all make informed decisions and abide by the regulations in order to ensure a healthy and stable market for everyone.
