After days of continuous decline, gold prices rose in Egypt, on Monday, to record the most popular and best-selling 21 carat in the local market, 784 pounds per gram ($ 50), coinciding with the rise in global exchanges, and the increase in the price of an ounce of 10 dollars.
The head of the goldsmiths division in Egypt, Rafik Abbasi, told “Sky News Arabia” that there has been a stagnation in gold sales for several months, affected by the Corona pandemic crisis, which had negative repercussions on economic sectors worldwide, and the matter was not limited to Egypt only .
Abbasi explained that the economic situation of Egyptians was affected by the Corona crisis in the wake of the partial suspension of some of their work last year, and their eagerness to save their money in anticipation of a future that was ambiguous at the time, but we hope that activities will reopen again with a recovery as it was in the past, but it gives us some kind of movement In the gold market. “
The head of the goldsmiths division in Egypt, for example, on the state of stagnation in sales, by selling about 300 tons of gold annually in the 1990s, which decreased to about 60 tons per year only.
A special principle in dealing
In turn, the former Secretary of the Gold Division of the Cairo Chamber of Commerce, Naguib Club, said that Egyptians deal with a special principle in the gold trade, that “the seller waits for an opportunity for prices to rise so that he can put up his works to take advantage of the high price, while the buyer waits for further decline in order to obtain the maximum possible decline. “.
Naguib stressed in statements to “Sky News Arabia” that the state of stagnation in the gold trade is closely related to the Corona epidemic crisis.
He added that as soon as the virus spread in the world and entered Egypt, there was a state of instability in the stock exchange and economic activities, and it caused great concern about the circulation of securities and the possibility of the virus being transmitted through them, and the movement of aviation stopped and the trade exchange between countries was reduced, and all this caused the movement to be curtailed Buying and selling locally and internationally.
But he returned to confirm that the announcement of Corona vaccines had created stability in the gold market, amid positive expectations for a market recovery.
Like other merchants, Naguib hopes that the upcoming social holidays, especially “Mother’s Day” in Egypt, will revive the gold market sales.
He said: “Although Valentine is one of the important holidays for us, the sales movement was weak, and we hope to witness a change with the occasion of Mother’s Day after the fluctuation of prices starting this year.”