Investment in gold entered a new phase to take an official form and legalize investment through the Egyptian Stock Exchange, by launching The Financial Regulatory Authority is the first fund to invest in gold on the stock exchange tomorrow, Sunday.
This coincides with Rami El Dokani, Chairman of the Stock Exchange, announcing the start of displaying gold prices on the website, after fixing technical problems, which postponed the start of price display since last Sunday.
Rami Al-Dokani said that the mechanism for announcing gold prices through the stock exchange is underway, after seeking the help of prices from an accredited Egyptian governmental gold refinery, and it will have a role in assisting the Financial Supervisory Authority in the work of the gold investment fund and supporting it with prices to challenge the prices of documents.
For his part, Nagy Farag, advisor to the Minister of Supply for Gold, said that gold prices are likely to decline thanks to several mechanisms taken by the government to legalize investment in gold, and to set determinants that encourage investment in a market that is witnessing a high rate of demand for gold.
Nadi Naguib, Secretary of the Gold Division, believes that announcing prices through the stock exchange will reduce the price discrepancy between the global and local prices, as well as directing investment through a clear mechanism in the funds.
Sources at the Financial Supervisory Authority confirmed that the launch of this fund would attract more investments, whether foreign or local, from investors who transfer funds to buy gold in global stock exchanges, thus limiting the exit of investments outside the country, supporting the stock exchange and increasing the chances of establishing another number of such funds.