Economist Expects Gold Prices to Rise in Coming Period

Engineer Hani Milad, Chairman of the General Division of Gold at the Federation of Egyptian Chambers of Commerce, predicted an increase in gold prices in the coming period, emphasizing that gold remains a popular choice for investment and a hedge against economic fluctuations.

In a phone interview with the "Sabah El Balad" program, Milad pointed out the recent rise in prices due to various economic, political, and geopolitical factors. He noted that gold is closely tied to global stock exchanges, making it sensitive to changes in the global landscape.

He said, "The turbulent economic conditions, wars in the Middle East, and the expected changes in U.S. Federal Reserve interest rates on the dollar are all factors that have led to an increase in gold prices. Additionally, the U.S. elections and the potential fluctuations in the dollar also affect the price, which has an inverse relationship with the dollar."

Regarding the reasons why people have recently turned to buying gold, Milad explained that individuals have resorted to gold as a safe haven to preserve the value of their money, especially amidst growing economic turmoil, affirming that its prices are continuously rising.

Concerning the Gold Division's request for the government to reinstate the decision to exempt gold from customs duties, Milad pointed out that the previous experience of exempting gold from customs helped achieve a balance between global and local prices, alleviating pressure on demand and increasing supply availability.

He expressed his hope that the government would respond to the division's request to re-implement this decision, particularly in light of the recent increase in demand.