Wednesday 17/May/2023 – 10:38 PM
Gold prices fell globally, as an ounce recorded a price of 1984.9 dollars, and this is the lowest level in more than a month at the close of trading today, Wednesday, with the rise of the dollar and the continuation of negotiations on the US debt ceiling crisis.
US President Joe Biden’s statements provided support for the dollar and bond yields at the expense of the precious metal, as he expressed confidence that the United States will not default in fulfilling obligations and repaying debts, noting that yesterday’s meeting with senior congressional leaders was fruitful.
Egypt launched the first investment fund in gold, after agreeing to its establishment, as a continuation of its efforts to support the government’s efforts to enhance levels of financial and investment inclusion, and in an attempt to limit the insane rise in the prices of the yellow metal.
The approval of launching the first investment fund in gold comes in implementation of the decisions of the Board of Directors of the Authority, which set the full regulatory framework for this file, starting with the issuance of Resolution No. 50 of 2023, amending the controls for dealing with investment funds in minerals, as one of the transferred financial values.
Gold continues to decline in Egypt for days, after the government’s decision to exempt gold imported from abroad from customs tax.
Amir Rizk, an expert in the field of gold, told Cairo 24 that gold prices are constantly declining as a result of the government’s recent decision to exempt gold imported from abroad from customs tax, pointing out that the market was suffering from a shortage of raw materials in gold, and that the government’s decision would reduce prices. The supply of it in the market will increase during the coming days, in addition to its decrease since the government decision was issued.