7:06pm
Tuesday 06 December 2022
I wrote – Dina Khaled:
Gold prices have seen successive and significant increases over the past few days, as gold prices posted their all-time high in Egypt, before seeing a sharp drop during tonight’s trading.
The price of an ounce of gold hit historic levels not seen in Egypt before yesterday, Monday, and the gram rose 180 pounds during the day, reaching 1830 pounds per 21 carat, before falling sharply during the trading today and reach about 1700 pounds per 21 carats.
Nadi Naguib, former Secretary General of the Gold Division of the Cairo Chamber of Commerce, believes there has been little demand lately for the purchase of gold jewelery to supply the network, coinciding with recent price hikes.
Naguib added that the purchase of the net in the form of a few grams is what the market has been habitually seeing in the last period, which makes the cost deriving from the price difference in the event of an increase not high.
Naguib indicated that the demand for buying gold jewelry has dropped significantly during the current period, and most of the households resorting to buying gold for the net in recent days have focused on 18-karat gold.
Naji Farag, adviser to the supply minister for the gold industry, believes the current time is suitable for those who intend to buy gold out of necessity, such as supplying the grid, especially since prices cannot be predicted in the coming period .
Faraj advised those planning to get married to buy 21-karat, because 18-karat is high in production, which makes the price between it and 21-karat close, but it loses much of its value when sold.
