Hani Milad, head of the Gold Division at the Cairo Chamber of Commerce, said that the past two days have witnessed moves by the US Federal Reserve to push strongly to increase the strength of the dollar, and this is an indication for those who hold gold to sell their gold on the stock exchange or put it in other containers such as the dollar to take advantage of the high interest.
Milad added during a telephone interview with the media, Qaswaa Al-Khalali, presenter of the “In the Evening with Qaswaa” program, on the “cbc” channel: “We are witnessing a global decline in the price of gold, and at the local level we are affected by what is happening globally, and therefore we have witnessed some declines in the local market. , but not as strong as the decline at the global level due to local economic conditions.
The head of the Gold Division at the Cairo Chamber of Commerce continued: “However, gold remains a safe haven and does not lose its value under any circumstances, which is what we have been witnessing over the past long years,” noting that the demand for gold is average, not strong or weak.
He stressed: “We are not in a season for marriage, and therefore it is not a strong season in buying gold, and work is being done to preserve the value in the form of bullion or pounds.”