The Secretary of the Gold Division at the Federation of Egyptian Chambers of Commerce Nady Naguib, said that gold prices witnessed a sudden drop unseen in over eight months.
During a phone-in with al-Mehwar satellite channel on Saturday, Naguib said that “the reason for the decline in gold prices is that there was a meeting at the Federal Reserve System on the basis of setting interest rates on stocks and bonds.”
“A lot of gold owners have sold tons of gold to enjoy and benefit from the high price, because the price of an ounce was more than $1,800, which led to a drop in the price of an ounce to $1770.”
“Gold owners benefited from the high price, and then bought what they have sold at a low price, and the current days are the most appropriate time to buy gold after its prices declined,” Naguib explained.
He continued, “the price of a gram of 21 karat gold has now reached LE765, after it fell more than LE45,” adding: “the decline that occurred is considered significant, but prices have started to rise again since Friday.”