11:36pm
Thursday 24 November 2022
Books – Hassan Morsi:
Amir Rizk, a member of the Jewelers’ Association of the Federation of Chambers of Commerce, revealed a surprise about the price of 21-karat gold this January.
Rizk said, during a telephone conversation with journalist Sherif Amer, on the “Happening in Egypt” program broadcast on Thursday evening on MBC Egypt: “We want the customer to buy, and the high price of gold does not help with that, and we want that the price comes down so that the customer can buy”.
A member of the Jewelers’ Association added: “When an Egyptian hears gold is selling, he sells it and feels gold is a safe haven and agrees to buy it. In January, if interest rates go down, the price of an ounce is expected to decline to reach $1,800.
A member of the Gold Dealers Association of the Federation of Chambers of Commerce indicated that investors resort to buying gold as a safe haven as the interest rate changes, adding, “The parallel dollar market is the reason for the high price of gold, waiting: the dollar is expected to be available in Egypt in large quantities next January and the price of 21-karat gold from it can reach 1500 pounds.
