The General Division of Commerce of Jewelery of the Federation of Egyptian Chambers of Commerce, and the Division of Production of Precious Metals of the Federation of Industries, have announced that what has been circulated by some sites of social media in Egypt was incorrect, stopping the movement of the gold trade, due to what it described as the turmoil of the gold market and the inability to control its prices.
The two divisions confirmed, in a statement, which the publication circulated on some social media in about stopping the movement of the gold trade was issued by a fictitious and unknown company that is not registered in the two divisions.
He added that there is absolutely nothing true in as stated in this statement, and the gold trading was not stopped by any shop, emphasizing that what emerged in this publication on the lack of transparency in prices is unfounded.
The statement pointed out that the price of gold in Egypt is subject to the mechanisms of supply and demand and according to the prices of one ounce on the international exchanges.
The statement stressed that such rumors are aimed at damaging the Egyptian economy, as all legal measures will be taken against anyone who spreads such rumors.
For his part, the head of the Precious Metals Production Division at the Chamber of Metallurgical Industries of the Federation of Industries, Ihab Wassef, said that what determines the gold issue in this moment is supply and demand, adding that “there is a strong demand for gold in one moment in where there is a weakness in the supply, which caused the high price, and the issue is not directly related to the merchants … The desire of the people to buy gold is a healthy phenomenon which reveals the economic awareness of the people. “
According to the press, the price of gold in Egypt rose to the highest rate recorded by the Egyptian gold market, and this increase was influenced by the US Federal Reserve’s decision to raise interest rates by 50 basis points on Wednesday.
And gold prices jumped to 1372 pounds per 24-karat gram, while they totaled 1200 pounds per 21-karat gram, and the 18-karat gram registered 1029 pounds, according to data from the Gold and Jewelery Division of the Cairo Camera, which was announced on Thursday, but prices continued to rise yesterday, Friday, as gold traders price. The Egyptian pound against the US dollar is below its trading value in banks.
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