General Gold Division: Citizens' fears of a sharp decline in gold prices have affected sales.
Waleed Farouk
Engineer Lotfy Mounib, Vice President of the Gold and Jewelry Division at the Federation of Egyptian Chambers of Commerce, said that the economic uncertainty in global markets, resulting from the US administration's imposition of tariffs at the beginning of April, has kept gold prices on the global stock exchange above $3,000 per ounce.
He added that fears of a global trade war between the United States on the one hand and China, Brazil, and the European Union countries on the other, along with geopolitical tensions, have boosted gold purchases for hedging purposes.
He noted that rising prices on the global stock exchange have consequently led to higher gold prices in local markets, negatively impacting purchasing activity. This has also increased citizens' fears of a sudden price collapse, as happened in March 2024, when prices suddenly fell from 4,200 to 2,600 Egyptian pounds, affected by the exchange rate.
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