“Head of Stamping and Scales Authority Advises Citizens to Wait for Gold Prices to Stabilize”

Written by Medhat Wahba

Saturday, 06 May 2023 02:00 AM

Major General Ahmed Suleiman, head of the Stamping and Scales Authority of the Ministry of Supply and Internal Trade, advised citizens not to rush to Buy gold At the present time, wait until prices stabilize, especially since the current prices are high and do not reflect the fair price of the precious metal according to the global price.

He pointed out that many citizens are currently resorting to buying gold as a safe haven to preserve the value of their savings, and that the high demand for buying gold has led to an increase in the price to a level that is not commensurate with its real value, which requires patience in buying, expecting a decline in prices in the coming period..

Major General Ahmed Suleiman indicated, in statements to “The Seventh Day”, that Dr. Ali Al-Moselhy, Minister of Supply and Internal Trade, directed the continuation of intensifying control over the markets in the recent period, with the increase in purchase rates to ensure the integrity of the calibers of artifacts and gold bars offered for sale and stamping them with the stamp of the interest with the government stamp, within the framework of The Ministry is keen not to expose citizens to any fraud or deceit from some weak-minded people who take advantage of the increased demand for purchases and to confront any manipulation attempts that would harm consumer rights. .

The head of the authority called on citizens not to be led by any rumors issued by unknown entities to create a state of panic among citizens, to motivate them to rush to buy gold at times of peak demand for it, with the aim of achieving huge gains through illegal means, and to follow the instructions and statements issued by government and official agencies concerned with the gold system. Just .

Suleiman added, the Ministry of Supply and Internal Trade has been studying a number of proposals with the rest of the competent authorities for some time that would increase the quantities offered of gold in the local market and in line with the demands to restore discipline to the price of the precious metal in the local market.