The General Division of Jewelery Trade in the Federation of Egyptian Chambers of Commerce, and the Precious Metals Manufacturing Division in the Federation of Industries, announced that what was circulated by some social media sites in Egypt was incorrect, by stopping the movement of gold trading, due to what they described as the turmoil in the gold market, andNot being able to control its prices.
The two divisions confirmed, in a statement, that the publication circulating on some social media sites regarding stopping the movement of gold trading was issued by a fictitious and unknown company that is not registered with the two divisions.
She added that there is absolutely no truth in what was stated in this statement, and the buying and selling of gold has not been stopped by any shop, stressing that what came in this publication about the lack of transparency in pricing is unfounded.
The statement stressed that the pricing of gold in Egypt is subject to the mechanisms of supply and demand, and according to the prices of an ounce in international stock exchanges.
The statement pointed out that such rumors aim to harm the Egyptian economy, as all legal measures will be taken against all those who spread such rumors.
For his part, the head of the Precious Metals Manufacturing Division in the Chamber of Metallurgical Industries in the Federation of Industries, Ihab Wassef, said that what determines the issue of gold at the present time is supply and demand, adding that “there is a strong demand for gold at a time when there is a weakness in supply, which has caused The high price, and the matter is not directly related to the merchants… People’s desire to buy gold is a healthy phenomenon that reveals people’s economic awareness.”
According to press reports, the price of gold in Egypt rose to the highest rate witnessed by the goldsmiths market in Egypt, and this rise was affected by the US Federal Reserve’s decision on Wednesday to raise interest rates by 50 basis points.
And gold prices recorded a jump to 1372 pounds per gram of 24 karat, while it amounted to 1200 pounds per gram of 21 karat, and the gram of 18 karat recorded 1029 pounds, according to the data of the Gold and Jewelery Division in the Cairo Chamber, which was announced on Thursday, but prices continued to rise yesterday, Friday, with the pricing of gold dealers. The Egyptian pound against the US dollar is less than its value traded in banks.