Data issued by the World Gold Council stated that the rates of Egyptian purchases of gold bars and pounds doubled on an annual basis, amounting to 7 tons in the first quarter of 2023; Thus, Egypt ranks fifth in the world in demand for them.
This came in the weekly file of the Information and Decision Support Center in the Council of Ministers through its official pages on social networking sites today, Friday. Demand for gold bars and pounds locally in the first quarter of 2023.
It is noteworthy that the Council of Ministers had agreed to exempt gold imports in semi-manufactured forms, as well as those intended for monetary circulation, jewelry, jewelry and their parts of precious metals from customs tax and other fees, except for value-added tax, for a period of 6 months.
The center’s weekly file displayed several publications, including: an infographic titled: “What do you know about the World Gold Council?”, which presents the most important information about the council from the mining stage to investment in gold, and also provides analyzes of the gold industry, and provides insights into the driving factors. The demand for gold, alloys and international reserves, as the council consists of the main companies operating in the field of gold mining.
And the publications of the center showed that, with regard to gold production, China came as the largest producer of gold in the world, as the volume of China’s gold production in 2021 reached 332 tons, while Russia came in second place with a production volume that reached about 331 tons. Internationally, the United States ranked first with an estimated reserve volume of 8,133.5 thousand tons.
The publications touched on the different uses of gold, which is used in many industries. Most notably: the electronics industry, as it is a non-corrosive, heat-resistant and easy-to-form element, and is also used in the fields of space exploration and satellites; As gold particles reflect infrared rays from the sun, which helps to lower temperatures on dark panels and masks, it has also been used in medicine, especially dentistry, for years, since it is difficult to interact and non-toxic, in addition to its uses also in the glass industry.
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In the same context, the center also published, within its weekly file, a video, under the title: “Gold.. How did the yellow metal become a safe haven for central banks around the world?” Where it deals with the significant rise in global gold purchases by central banks during the recent period. During the year 2022, the world went through many crises that confused the financial and monetary authorities, beginning with the Ukrainian crisis, the rise in inflation rates, the policy of monetary tightening, and the subsequent rise in the price of the dollar, as those crises prompted central banks to strengthen their holdings of gold, a desire to hedge against inflation. In light of the fluctuating dollar prices.
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