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Record High Gold Prices Cause Local Crisis, Advises Head of Gold Division

Monday 25 December 2023 – 10:22 PM

Ihab Wassef, head of the Gold Division at the Federation of Industries, revealed that global stock markets witnessed a noticeable increase at the end of last week’s transactions, and citizens are buying gold when prices rise, and this creates a crisis.

High gold prices locally

The head of the Gold Division also added during television statements that the fluctuation in gold prices is local only and I advise citizens not to buy, pointing out that a gram of gold has reached its highest price historically, and the price is locally exaggerated above normal.

Wassef also explained during his speech that the investment culture is not compatible with the demand for buying gold in light of the high prices.

The price of the gold pound in Egypt witnessed a record rise during Monday’s trading, by about 700 pounds, compared to the close of yesterday’s trading on Sunday, after the price of the gold pound recorded about 25,200 pounds, which is its highest level in Egypt ever, instead of 24,560 pounds at the close of trading yesterday, Sunday. In local and international goldsmiths markets.

While the price of 21 carat gold rose to 3,150 pounds per gram, which is one of the most common calibers in Egypt, coinciding with the global price of an ounce rising to $2,053, according to the General Division for Gold and Jewelry at the Cairo Chamber of Commerce.

2023-12-25 20:23:38
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