former secretary general of Gold Division: Decline in sales may push prices to decrease

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Monday - 20 February 2023

Nadi Naguib, former secretary general of the Gold Division of the Cairo Chamber of Commerce, said that gold prices on the global stock exchange declined during February, compared to January.

He added that the decline in purchasing power led to a decline in the demand for buying gold.

He explained that the deterioration of economic conditions and decline in the price of the Egyptian pound affected the purchasing power.

He added that issuing 25% savings certificates encouraged the citizens to buy these certificates and reduced the purchase of gold.

He pointed out that the decline in sales in the local market may push prices to decline, slightly, in light of the high price of an ounce on the global stock exchange.