Abdel-Aal Salima, Deputy Head of the Gold and Jewelry Division at the Chamber of Commerce of Kafr El-Sheikh Governorate, expects gold prices to rise again, with significant increases during the coming month of June, affected by several major factors, saying: “Gold prices will drop temporarily and will rise again significantly.”
The return of gold prices to rise
The deputy head of the gold division explained in a statement to “Veto” that the decline in gold prices Cabinet decision issued last Wednesday, regarding Gold import exemption From customs, except for value-added tax, for a period of 6 months, and that gold markets will witness declines in prices during the next two weeks, but gold prices will rise again significantly during next June.
Reasons for the high price of gold
And vice president reasoned Gold Division His expectations for the return of the yellow metal price hikes during next June, until the decision to exempt gold imports that come with those coming from abroad, will negatively affect the remittances of Egyptians from abroad, which was one of the main reasons for providing foreign and Arab currencies, and that all those coming from abroad will bring gold and not The currency, and therefore the market will suffer from a lack of foreign currencies, especially the dollar.
Shortage of Egyptians’ cash transfers
Abdel Aal Salima added that allowing those coming from abroad to enter gold without customs will lead to an increase in the supply of gold, and thus a decrease in gold prices, but the price of gold does not control the prices of commodities, as the dollar controls the prices of all commodities in the market, and with the lack of cash transfers. Of the Egyptians abroad and those coming to Egypt, the dollar will decrease and, accordingly, the prices of commodities will rise again, including gold.
High dollar prices on the black market
The deputy head of the division indicated that, following the announcement of the Cabinet’s decision to exempt gold imports, rumors spread about a rise in the dollar’s price on the black market to 42 pounds, i.e. it rose by about 5 pounds within a few hours of the decision being issued.
The decision to exempt gold imports from customs
It is noteworthy that the Council of Ministers, during its meeting held yesterday, Wednesday, headed by Dr. Mostafa Madbouly, approved a draft decision of the Prime Minister regarding exempting gold imports in semi-worked forms, which are intended for cash circulation, jewelry, and their parts of precious metals – whether or not they are covered or clad with a crust of metals. Precious, who is accompanied by those coming from abroad – from Customs tax and other fees, except for value-added tax, for a period of 6 months.
The exemption does not apply to pearls
While the draft decision to exempt gold imports stipulates that this exemption does not apply to natural or cultivated pearls, precious or semi-precious stones mounted or inlaid on jewelry and their parts.
The General Division of Gold praises the response of the Council of Ministers
It is indicated that General Division of Gold and Jewelery The General Federation of Chambers of Commerce, headed by Hani Milad Gayed, welcomed the decision of Dr. Mostafa Madbouly, Prime Minister, regarding exempting gold imports, praising the Prime Minister’s quick response to the proposals submitted by the Division to the Minister of Supply and Internal Trade in this regard.
The decision affects the decline in gold prices
The head of the General Division added that the decision will have a direct and rapid impact on the decline in gold prices in the local markets, in addition to that it will be a reason for providing the necessary crude to comply with the volume of demand, which has doubled compared to the same period last year.
Transfers of Egyptians abroad
The head of the General Division confirmed that the availability of gold ore in the local markets will achieve the desired balance between local and international prices, in addition to having a direct impact on the return of remittances from Egyptians abroad in the form of artifacts or gold ore.
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