Written by Medhat Wahba
Sunday, 02 April 2023 12:00 AM
witness gold markets Currently, there is a fluctuation in prices and a significant rise in the price of the precious metal as a result of the desire of many citizens to buy gold as savings and a safe haven, and despite the decline in the global price of gold, gold prices In the Egyptian markets, it witnessed a significant increase over the past hours, as a result of the increased demand for the purchase of the precious metal.
Nagy Farag, advisor to the Minister of Supply for the affairs of the gold industry, advised citizens to wait to buy gold during the current period until prices stabilize, expecting a relative calm and a decline in gold prices during the coming period, stressing that gold prices in the markets are currently exaggerated and do not reflect the fair price, as There is instability in the prices of the precious metal at the present time, stressing that the fair price of a gram of 21 karat gold is currently assumed to be 1900 pounds.
Faraj added to “The Seventh Day” that many citizens resort to buying gold at the present time as savings and a safe haven, and that the great demand for buying gold led to an increase in prices, expecting a decline in gold prices during the coming period, as happened in the past weeks following the rise in the price of gold and then the decline. Once once more, pointing out that gold prices are currently high, and do not reflect the fair price.
The Law for the Control of Precious Metals and Valuable Stones prohibits the sale of gold, silver, platinum, platinum-mounted, or silver-mounted artifacts, offering them for sale, or possessing them for the purpose of selling, unless they are stamped with the Egyptian government stamp, or with one of the hallmarks recognized by governments. Foreign stamps, on the condition of reciprocity. In all cases, the Egyptian and foreign stamp marks shall be determined by a decision of the Minister concerned with internal trade..
