According to Central Bank data published on its website, the value of gold recorded in foreign exchange reserves amounted to about $7.597 billion at the end of last April, compared to about $7.807 billion at the end of March.
The Central Bank of Egypt (CBE) bought 44 tons of gold last February, bringing its total holdings by 54 percent and up to 125 tons, which is equivalent to 17 percent of the total Egyptian reserves.
The Goldsmiths Division, in an official statement, denied what some news websites circulated about stopping the gold market in Egypt, and also denied the cessation of buying and selling movements in Egypt.
The price of 24-carat gold recorded LE 1,147 per gram, while the price of 18-carat gold hit LE 857 per gram.
Gold Gram 21K rose by LE 20 to stand at LE 852, while gold gram 18K recorded LE 730 and gold gram 24K LE 974.
On August 16, many important events took place.
The Egyptian Minister of Petroleum, Tarek El Molla, witnessed the signing of 4 contracts to search for gold between the Mineral Resources Authority and the Canadian Barrick Gold Corporation, with a total investment estimated at $8.8 million.
Currently, the company is working towards the target of producing 400,000 and 430,000 gold bars by the end of 2021.
The number of companies that signed contracts for the first round of global bidding No. 1 of 2020, which was put forward by the ministry, becomes 10 international and local companies, and the total signed contracts becomes 20 contracts for research in 56 sectors, with investments exceeding $47 million, according to petroleum ministry’s statement issued, Monday.
Egypt’s production of the yellow metal in 2020 amounted to 14.1 tons, ranking 36th in the world among the list of major producers which included 43 countries, the World Gold Council revealed Saturday.
Officials and merchants reflect on the national megaproject, set to establish a fully integrated city for the manufacture and trade of gold in Egypt.
The passenger was involved in a smuggling attempt in 2019.
The Ministry of Petroleum said in a statement, Wednesday, that the contracts included signing four contracts with AKH Gold, a company affiliated to Egyptian businessman Naguib Sawiris, with a total investment of about $ 4.1 million to search for gold in nine sectors in the Eastern Desert.
The contracts were signed between the Egyptian General Authority for Mineral Resources and Canadian and Egyptian companies.
President Sisi asked for providing all financial resources to establish the city with the international and modern standards and technologies to reflect Egypt's ancient civilizational history.
In a similar context, the spokesperson added that the ministry had invited tenders for a gold mining opportunity in Egypt.
11 mining companies won a gold ore exploration bid on an area of about 170 km2 in the Eastern Desert and the Red Sea.
A collection of 28 gold dinars as well as five small coins were discovered in Fayoum by Egyptian-Russian archaeological mission.
Spot gold went up 0.8%, recording $1,985.64 per ounce after hitting its highest since August 19 at $1,989.42 earlier in the session.
The company said in a statement Tuesday, that it achieved a pre-tax profit of $ 191.14 million, compared to $ 59.62 million in the first half of 2019.