Economic expert John Luca stated that the first meeting of the Supreme Gold Committee, chaired by the Prime Minister, represents a pivotal shift in the way Egypt’s gold market is managed. He noted that the state has begun addressing this vital sector through a structured, institutional approach, following years of disorder and randomness that affected price movements and confused the decisions of both citizens and investors.
Luca explained that the impact of this move on gold prices will not be sudden or sharp in the form of significant declines, but rather gradual, primarily aimed at reducing the severe volatility witnessed in the market over recent periods—especially fluctuations driven by speculation or excessive pricing. He added that the establishment of a supreme committee provides a clear framework for dealing with global price movements and local exchange rate dynamics.
He pointed out that the Egyptian market has long suffered from a noticeable gap between local prices and the fair value of gold, which led at times to unjustified price increases. He emphasized that the committee seeks to enhance transparency and discipline, and to link local prices more accurately to global benchmarks, while taking into account the specific characteristics of the domestic market.
Luca added that the formation of the Supreme Gold Committee is not limited to price control alone, but extends to maximizing the economic value of gold—whether through developing the mining sector, expanding local manufacturing, or supp
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