2023-04-19 12:07:00
02:07 PM
Wednesday, April 19, 2023
I wrote – Sherine Salah:
The General Division for Gold and Jewelry said that it did not advise the public to stop buying gold at the present time, but advised to be careful not to raise the demand, according to a statement from the division today, Wednesday.
In the statement, the division denied what was reported on social networking pages and what was published by mistake on some news websites, advising the consumer not to buy gold.
The division stated that the statement issued the day before yesterday confirmed that the current pricing of gold in the local markets is exaggerated and unjustified, and the exaggerated rise in crude prices is harmful to the interest of the merchant and the consumer alike.
The division also advised the consumer to be careful in buying or selling, not to rush and raise the volume of demand without justification, and not to refrain from buying, due to the change in prices as a result of a shortage in supply and the high volume of demand, in addition to speculative activities that move prices higher than the fair price of gold.
According to the division’s statement issued the day before yesterday, the rise in prices in the local markets is not an indication of a price increase in the coming period, due to the decline in prices on the global stock exchange.
The division explained that the price of an ounce during today’s trading was recorded on the global stock exchange at about $1971, down by about $35 from last week’s prices.
While the price of a gram in the local market rose at the beginning of today’s trading to 2390 pounds, an increase of about 190 pounds over last week’s prices.
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