Hani Milad, Head of the Gold Division at the Cairo Chamber of Commerce, commented on the decline in gold prices.
Milad said: “Gold prices fell because everyone felt that there could be abundance with the decision to exempt imports of gold jewelry from customs.”
Hani Milad, Head of the Gold Division at the Cairo Chamber of Commerce, added, during a telephone interview with the “Al-Hayat Al-Youm” program, broadcast on Al-Hayat satellite channel: “The decision to exempt expatriates’ gold from customs is an excellent decision, and we welcomed it, and it is very good. It will create a balance between the supply in the markets.” And the requests that were increasing in the last period, which led to an increase in prices.
Hani Milad, Head of the Gold Division at the Cairo Chamber of Commerce, said: “This decision will balance the local price with the global price.”
15% drop in price
Hani Milad, head of the gold division at the Cairo Chamber of Commerce, explained: “The decline in gold prices from the highest point to the lowest point ranges within 15%, which was the target rate.”
And Milad went on: “The mechanisms of supply and demand are what will affect gold prices during the last period, and the increase that was unjustified has decreased and we are now dealing with a balanced price and this encourages citizens to return to buying at low prices.”
And he continued: “We were advised not to buy in the event of high prices and to buy in the event of a decrease,” stressing: “Gold is a long-term investment and a store of value.”
