Goldsmiths deny rumor of closing gold market in Egypt

CAIRO  - 8 May 2022: Gold prices are witnessing a state of confusion in Egypt, after the Federal Reserve’s decision to raise interest rates by 50 basis points, amid fears of an increase in the value of the dollar locally.

 

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 Gold and Precious Metals Manufacturing Division of the Federation of Industries, and the General Division of Jewelry Trade in the Federation of Chambers of Commerce, said in an official statement, that no shop has stopped buying and selling gold by any shop, stressing that what came in this publication about the lack of transparency in pricing is unfounded. It added that the pricing of gold in Egypt is primarily subject to the state of supply and demand.

 

Amir Rizk, a member of the Gold Dealers Division, said that there is a state of instability in the gold market during the day due to the inability to calculate the price of gold on the dollar price as a result of the Eid holiday, especially after the US Federal Reserve announced an increase in the interest rate, and therefore there are expectations of an increase in the dollar price.

 

Gold prices in Egypt on Sunday, May 8:

 

14 karat gold prices decreased to LE 797 per gram.

 

18 karat gold prices fell to LE 1024 per gram.

 

21 karat gold prices dropped to LE 1195 per gram.

 

24 carat gold prices declined to 1366 pounds per gram.