Cairo – Omar Hassan: The gold market in Egypt is witnessing a state of turmoil and instability in prices as a result of the increasing demand for purchase, according to data from the World Gold Council, which revealed that Egyptians’ purchase rates of gold bars and pounds have doubled on an annual basis, with a volume of 7 tons in the first quarter of 2023.
The first gold fund
The gold investment fund, which is scheduled to be launched in Egypt, is one of the tools that will help restore the price balance of the yellow metal, by withdrawing the rug of buying and selling operations for gold from the “goldsmiths” and taking them to the Egyptian Stock Exchange for the first time in the history of the “yellow metal.”
The first gold fund of its kind comes through the cooperation of “Evolve” Investment Holding Company with Azimut Egypt to manage investment funds.
Although there are investment funds in gold in many countries of the world, they appear in Egypt for the first time through the establishment of an entity consisting of two companies to invest in gold in Egypt, allowing institutions and individuals to invest in the yellow metal in a new way.
safe haven
Investing in the gold fund is one of the most important tools that will help Egyptians of all social classes preserve the value of their money by benefiting from buying gold as a store of long-term value.
The yellow metal is characterized as a “safe haven” for a large segment of Egyptians, amid the waves of decline in the Egyptian pound.
The increased demand for gold caused successive waves of rise in its price, until it exceeded 3,000 pounds for 24 carat.
Objectives of launching the gold fund
The objectives of launching the first gold investment fund in Egypt can be summarized through the following points:
– Providing an opportunity for small investors wishing to invest in the yellow metal, and trade (buying and selling online).
– Avoid the risks of exposure to fraud or theft of gold, because he will be responsible for depositing gold with the providers of mineral preservation services.
– Ease of liquidating investments at any time, whether in cash or gold, according to the investor’s desire.
Providing a safe way to help preserve the value of Egyptians’ savings.
Improving levels of financial inclusion.
– Introducing the establishment of records in the General Authority for Financial Supervision to register providers of mineral preservation services.
– Allowing small investors to buy small amounts without having to save a huge amount to buy a gold bar.
Falling gold prices
Among the mechanisms adopted by the Egyptian government to control gold prices was the decision to exclude the entry of gold without customs with returnees from abroad.
Coinciding with the announcement of that decision, gold prices declined by about 200 pounds in the local markets in Egypt during the trading week ending this evening, Saturday, according to the market research department of the “Egypt Gold” company.
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