Gold Division: Citizens' Sales Drive Yellow Metal to Decline

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Wednesday - 30 November 2022

The Head of the Gold Division at the Cairo Chamber of Commerce Hany Milad said that gold prices started to fall, on Monday, after continued periods of rising in the past two weeks.

Milad added that the gold market saw moderate trading in the past couple of days due to the citizens' sales of gold to gain more revenues, and to make use of the hike in prices.

21-karat recorded EGP 1500, yesterday, before declining during the evening transaction.

Therefore, Milad expected that the decline may continue as the exhibited amount of gold is in increase by the citizens who want to gain more revenues.

The expert also said that the prices in the domestic markets, now, are not linked to the international transaction as before due to the fall in importing the yellow metal, the shortage of the required budget in dollars for importing gold, and the dependence on the domestic market for recycling and manufacturing used and resold gold.

Contributed by Rana Atef