Egypt to Offer 14-carat Gold Jewelry on Market to Combat Surging

Egypt is exerting efforts to offer 14-carat Gold Jewelry on Market to Combat Surging.

In a step intended to ease both the sharp rise in gold prices and the financial burden on Egypt, the Gold Division has discussed the mechanism of supplying the 14-carat gold jewelry, which is cited as the cheaper gold, in stores.

According to a statement released by Egypt’s Gold Division, the chairman of Egypt’s Gold Division Hani Milad said, “The step intended to help clients who are about to get married."

"The prices of gold have seen ups and downs during the past period tracking the high demand for gold in the domestic market," he noted.

He added that the domestic market also witnessed heavy interest among customers to buy gold bars as safe haven for investment.

However, he revealed that there is a shortage in supply and an increase in demand, noting that the decline in the domestic gold production is a result of an uncertain economic outlook by an expected rise in foreign currencies, in addition to the current recession caused by the policies undertaken by American Federal Bank at this crucial time.

"It's worth noting that the significant rise in gold prices over the past few days led to a state of depression in gold sales and production, which required the authority to legalize 14-carat gold to be sold at standard specifications and affordable prices," said the chairman of the Gold Division.

Contributed by Ahmed Emam