Posted on: Saturday, May 13, 2023 – 3:08 AM | Last updated: Saturday 13 May 2023 – 3:08 AM
Dr. Nagy Farag, Advisor to the Minister of Supply for Gold Industry Affairs, attributed the decline in gold prices in the local markets; To the great impact of the Cabinet’s decision regarding exempting gold imports from abroad from the provisions of tax and customs fees for a period of 6 months.
He said, during a telephone conversation with the “Digital Watan” program on “Al-Hadath Al-Youm” channel, on Friday evening, that the availability of large quantities of gold contributed to a balance and a noticeable decline in prices, until 21 karat reached 2460 pounds, expecting to reach a moderate fixed price equivalent to Prices outside.--
He pointed out that Egypt occupied the fifth rank at the level of countries in the world in the purchase of gold during the last period, according to the report of the World Gold Council, by purchasing more than 7 tons of gold in the form of bars and pounds; This caused a shortage in the markets and an unjustified rise in prices. as a result of high demand.
He explained that the decision to exempt gold imports from the provisions of customs duties; It gives both the buyer and the merchant the satisfaction of abundance, as well as its contributions to the stability of prices along with its concessions reflected on the national economy; Increasing gold reserves in the local market.
He advised investors to go towards buying, stressing that global gold is awaiting very strong rises during the next few period, adding: “It is expected to exceed $3,000 within a few months.”