Hani Milad, Head of the Gold Division at the Cairo Chamber of Commerce, commented on the decline in gold prices.
He said, during a phone call to the “Al-Hayat Al-Youm” program, with the media, Lubna Asal, and the broadcaster on the “Al-Hayat” satellite channel, this evening, Saturday, that gold prices fell because everyone felt that there could be abundance with the decision to exempt imports of gold jewelry from customs.
He added that the decision to exempt the gold of expatriates 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 demands that were increasing in the last period, which led to an increase in prices.
He pointed out that this decision will work to balance the local price with the global price, explaining that the echoes of the decision began a week ago when the idea was put forward and the government’s seriousness in adhering to and implementing this decision.
He explained that the decline that occurred in gold prices from the highest point to the lowest point ranged within the range of 15%, which was the target percentage, indicating that the mechanisms of supply and demand are what will affect gold prices during the last period, and the increase that was unjustified decreased and we are now dealing with the price of gold. Balanced, and this encourages citizens to return to buy at lower prices.
And he continued, “We advised not to buy in the event of high prices and to buy in the event of a decrease,” stressing that gold is a long-term investment and a store of value.