Speculations have increased recently about the continued rise of gold and recording levels of up to 1500 pounds per gram, after the gram price exceeded 1200 pounds during the past days, as the Gold Division ruled out that prices would record these levels.
Andrea Tadros, a member of the Board of Directors of the Gold Division, ruled out the rise of gold in the coming period to levels of 1500 pounds, as he tried to promote some, explaining by saying, “The crisis of the gold supply will disappear during the coming period, as well as strong measures from the state to control dollar prices, and we have witnessed clear stability in dollar prices. With the opening of trading this week, despite rumors of a new currency devaluation this week, all these indicators limit the significant rise in gold.”
He said that what happened in the markets is very normal because the supply of gold is less than what is required, and that the dollar’s recent move has caused record levels of gold to be achieved at a price that exceeded 1,200 pounds for the first time.
Regarding the future of prices, Andrea believes that gold prices in Egypt and the world cannot be judged in light of the continuation of the Russian-Ukrainian war, as well as the continuing waves of inflation in the world, which affected all countries, and given that gold is one of the most important means, its price will remain coherent until the markets calm down. “.
He stressed, that the gold market in Egypt is very strong and huge at the level of all governorates, and talking about the collapse or stopping of the market is just rumors and false conversations, and the government has taken serious and great steps in the file of establishing the city of gold and returning Egypt to its industrial leadership in the file of the goldsmiths industry. Al-Fattah Al-Sisi is clear to revive the gold industry, and with the inauguration of the City of Gold, the goldsmiths industry will witness a great boom.