Shaima Hefzy wrote:
Naguib Club, former Secretary General of the Gold Division at the Cairo Chamber of Commerce, expected that the price of gold would rise during the coming period with expectations of increased demand.
Naguib told Masrawy that demand is expected to increase by rates of up to 80% as holders of certificates whose term expires during the coming period will go to buy gold, because the difference in the rise in prices in gold compared to the return of the certificates is much greater.
Najib’s expectations came despite the issuance of a certificate with a fixed annual return of 27%, which is paid out at the end of the period, and a return of 23.5%, which is paid out monthly.
Gold prices have witnessed significant increases during the recent period as a result of dollar price movements in the parallel market.
“The majority will buy gold because the certificate brings a return, but the gold return is more, or they will resort to investing in real estate, or any better product, whether a washing machine or a refrigerator. The return in gold is much higher, at least a 30-40% increase in gold over the past year,” according to what Naguib said.
Najib said that as demand increases, prices will rise. “If a new quantity of gold is found in the market… the more the quantity decreases, the more prices will increase.”
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2024-01-04 18:23:00
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