The price of gold has now risen in Egypt to follow its daily ups and downs more than once during the one-day dealings in the previous days.
Goldsmiths expert Amir Rizk told Al-Masry Al-Youm that “All expectations point to an upcoming increase due to the increase in the global price of gold. It is expected that an ounce will increase globally to US$2,300-2,400, and accordingly the price of gold in Egypt this year will be affected in the coming days, as a gram of 21-carat gold will reach LE3,000.”
Speaking about the expectations of the gold price in Egypt this year, Rizk indicated that the increase is linked to the meeting date of the Central Bank of Egypt on May 18, as the price of gold in Egypt is determined based on the price of the US dollar in parallel markets.
Should I buy gold now or wait?
Rizk says that the best time to buy gold in Egypt is now.
Despite its current high price in goldsmith shops, he said it remains an ideal time to buy because it will increase again or continue to reach the price of LE3,000.
Why has the global price of gold risen?
The head of the General Division for Gold and Jewelry at the Federation of Egyptian Chambers of Commerce Hani Milad announced March that the collapse of Silicon Valley Bank in the US has impacted gold prices in Egypt.
During a telephone interview with the CBC satellite channel, Milad said that the rise in the price of an ounce of gold to US$1,900 is linked to the Silicon Valley Bank crisis.
He added that the bankruptcy of Silicon Valley Bank is an indicator of a major economic crisis similar to the 2008 crisis and the shaking of confidence in the American banking system.
As a reaction, the global price of gold jumped very dramatically. The price of an ounce reached US$1,912, as gold is a safe haven especially in such unstable circumstances, Milad said.
Edited translation from Al-Masry Al-Youm
