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The gold price market witnessed successive rises every day, after its prices hit unprecedented records due to rumors that contribute to increasing the demand for buying gold, as it is a safe haven for investment.
The biggest beneficiaries of this phenomenon are the merchants, as the price of gold in Egypt has become higher than international prices as a result of the random promotion of demand for it, and the rumors that haunt the price of the dollar and its relationship to the price of the pound.
And after the yellow metal prices rose exaggeratedly, the demand for the precious metal continued as a safe haven due to economic risks, including fears of the US government defaulting on debt payments.
price movements
The rapid rise and fall of gold and its instability made investors unable to benefit from the buying and selling process.
The Gold Division expects the price of gold to drop
Sameh Abdel Hakim, a member of the Gold Division, expected declines in gold prices in the coming days, against the background of the Council of Ministers’ approval during its meeting on a project regarding exempting gold imports in semi-worked forms, as well as those intended for cash circulation, jewelry, and their parts of precious metals.
Retreat affects precious metals
As for other precious metals, spot silver fell 0.1% to $24.14 an ounce, recording the worst week in seven months, with a loss of 6%.
Platinum fell 1.8% to $1,074.33, and palladium fell 1.6% to $1,526.94, but both are on the way to achieving weekly gains.
A shock to those about to get married after the recent increases
Global gold prices witnessed a sharp rise, following the decline in prices and the interest of investors to buy to take advantage of the decline in prices, according to Reuters. This made those about to get married confused by these continuous rises in the yellow metal, as gold in spot transactions rose 0.1% to $ 2018.29 an ounce by 1410 GMT, after falling 0.7% earlier in the session, and US gold futures rose 0.2% to $ 2018.29 an ounce. $2,023.40.
Spot silver fell 0.1% to $24.14 an ounce, its worst week in seven months, with a loss of 6%.
Platinum fell 1.8% to $1,074.33. Palladium also fell 1.6% to $1,526.94, but both are on the way to achieving weekly gains.
Exempting gold imports from customs tax
With gold prices continuing to rise recently in an unprecedented manner, as the yellow metal recorded its highest levels, yesterday, by exceeding 24 karat, the value of 3200 pounds, for the first time in the goldsmiths market in Egypt, a large number of citizens asked about the reasons for this rise, which comes despite the stability of the dollar price. .
Dr. Nagy Faraj, Advisor to the Minister of Supply for Gold Industry Affairs, said in statements to the “Kol Al Zawia” program, broadcast on channel on, that the Council of Ministers’ approval of the Prime Minister’s draft decision regarding exempting gold imports in semi-worked forms, as well as those intended for cash circulation, jewelry, and jewelry, which are accompanied by those coming from Exit, from the customs tax and other fees, except for the value-added tax, for a period of six months, which will cause a state of great stability in the gold market in Egypt.
The advisor to the Minister of Supply for the affairs of the gold industry added that Egyptians’ remittances have decreased by 23%, and therefore whoever does not bring a dollar will bring gold, and gold is equal to the dollar.
Dr. Naji Faraj pointed out that the quantity of gold imports that is exempted from an unspecified quantity, and whoever wants to supply any quantity is welcome, stressing that the decision will create a state of stability and comfort in the gold market, and we will not find strong unjustified disturbances and fluctuations and huge increases in the price of gold. Especially since the shortage in supply had a huge impact on the market.
While Hani Milad, head of the General Division of Gold in the Federation of Chambers of Commerce, said in statements to the program “Kol Al-Zawiya”, broadcast on channel on, that the government’s decision will significantly reduce the price difference between gold in Egypt and gold globally, and there will be a balance and parity between the global and Egyptian prices.
The head of the General Division of Gold in the Federation of Chambers of Commerce added, during the program, that this decision will reflect positively on gold prices in the Egyptian market.
The price of an ounce of gold rose in the market during the past weeks
During the past weeks, the price of an ounce of gold in the local market exceeded its global price by about 40 percent, as it was trading at a level of about 88 thousand pounds (about 2900 dollars), while the average global price is slightly higher than 2000 dollars. The price of 24-carat gold in Egypt touched 3,000 pounds (100 dollars) per gram, while the most widely used 21-carat gold in Egypt recorded 2,550 pounds (about $85), while 18-carat gold trades in Egypt near 2,200 pounds (about $73). Government sources say they expect gold prices to drop in the coming days in Egypt, ranging between 100 and 300 pounds (3 to 10 dollars) per gram.
Amr Adeeb’s advice to invest money
The media, Amr Adib, commented on the significant rise in gold prices during the last period, giving advice to citizens.
Adeeb said, in a commentary on his program “The Story” on MBC Egypt, on Monday evening, that he will not talk about the price of gold, continuing: “All my advice is to stay in the Tech Care. .
He added, “If I know the prices, where will they go? By God, I will not sit this seat, and I will not tire myself out. I am still old, and today an ounce is worth 2020 dollars, due to the state of uncertainty in the world.”
He explained that the investment in the end is the responsibility of the investor himself, indicating that he must diversify the investment parties, and keep 25% of his money as “cash”.
Adeeb continued: “The great Egyptian economist, Muhammad Al-Arian, when they asked him, who has money, what should he do? He said a phrase from gold, and he replied: Do not do anything, and of course this is not general for all countries. He was talking about investment because the market is ambiguous, everyone takes from his money and spends it, diversifies it and invests it.
Launching a gold investment fund
Yesterday, Sunday, the first fund to invest in gold was launched, through an event that will be held at the headquarters of the General Authority for Financial Supervision, and the official website of the Egyptian Stock Exchange begins to activate the service of publishing gold prices locally, in cooperation with a company.
The site noted that the published gold data is indicative, and was prepared by a company, under its full responsibility, and the role of the Egyptian Stock Exchange is limited to publishing it without any legal responsibility on it regarding the validity or accuracy of this information.
And one of the companies obtained the approval of the Financial Supervisory Authority to launch the investment fund in precious metals (gold), taking advantage of the high demand for investment in the yellow metal in light of the inflation wave, and the desire of citizens to make profits on their savings, and the fund aims to collect 2 billion pounds from a subscription that will start next Sunday.
This came after the Financial Supervisory Authority issued several regulatory decisions that included controls for dealing with investment funds in minerals as one of the transferred financial values, controls for registering and deleting providers of mineral preservation services as one of the financial values transferred in the authority’s record, and controls for registration and deletion in the authority’s record for the parties that investment funds must deal with. in the purchase and sale of minerals.
These controls aim to diversify investment and savings options to meet the diverse needs of all categories of investors, in a way that contributes to improving the levels of financial inclusion, in addition to creating records in the authority to register the providers of mineral preservation services as well as the parties concerned with carrying out the tasks of buying and selling them, while setting controls and requirements for their joining the register, in order to ensure The integrity and accuracy of transactions and ensuring the solvency of these financial and technical entities to carry out this activity.
It is scheduled that the gold investment fund will allow those wishing to purchase a document in the fund that determines the amount of grams that each investor owns, allowing small investors to buy small quantities without the need to save a huge amount to buy a gold bar, and the fund also protects investors from exposure to fraud while buying gold, or steal it while it is in storage; Because he will deposit gold with mineral preservation service providers.
Investing in the gold fund will also provide high gains for investors, given that the yellow metal is the highest savings vessel in terms of return, in addition to allowing easy liquidation of its savings by assigning the document and recovering its value in cash or gold, provided that the documents owned by it are equal to the price of an ounce. This is in addition to stopping speculation on gold.
