Engineer Hany Gayed, Head of the Gold jewelry Division at the Cairo Chamber and Head of the General Division of the General Federation of Chambers of Commerce, denied what is currently being reported about stopping dealing in the gold market “buying and selling”.

He stressed that there is no reality to any store's decision to stop buying and selling gold, and that claims made on social media about a lack of pricing transparency are incorrect.

Furthermore, he stated that such false allegations are intended to cause chaos and congestion in the local market, urging everyone to refrain from continuing to spread them, especially since some news websites have reported these rumors without verifying their authenticity and have reported incorrect information from persons who are not members of the division.

Moreover, they noted that such rumors harm the Egyptian economy, adding “all legal measures will be taken against any promoters of such rumors.”

The head of the Gold Division urged all gold merchants not to be engaged in such rumors and to keep buying and selling as normal. He advised consumers to visit gold stores as usual, noting that there has been a noteworthy increase in gold sales and demand in recent days, which has caused 21 karat gold recorded EGP 1250  because of the increased demand compared to the current market supply.