2023-06-19 21:00:00
Tuesday, June 20, 2023 12:00 AM
Club Naguib, a member of the Gold Division of the Federation of Chambers of Commerce, said that one of the reasons for the decline in gold prices is that the proceeds of gold coming with expatriates from outside the country recorded about 194 kilos through customs outlets, in implementation of the Prime Minister’s decision issued last month regarding exemption from customs tax and fees. Other than the added value of gold imported from outside the country accompanied by passengers for a period of 6 months. He added that this decision is what led to a recession in the markets.
And about what is expected during the coming days, especially with the advent of Eid Al-Adha, he said, it is possible that there will be requests for networks and gifts with Eid Al-Adha, which creates a state of popularity in the market during the Eid period.
Regarding the stability of gold prices, Naguib stressed that gold is a global and not a local commodity that is affected by international events, whether in the event of war, peace or inflation. Likewise, the price of oil are all factors that affect gold prices and lead to instability.
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