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Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Gold division: Egypt’s exports of gold jewelry rise in Q1 2024


Wed 05 Jun 2024 | 08:16 PM
Gold
Gold
Basant Ahmed - Walid Farouk

Ehab Wassef, head of the Gold and Precious Metals Division at the Federation of Industries, said that the volume of Egypt’s exports of gold jewelry saw a major increase during the first quarter of this year, noting that the division aims to increase the volume of Egypt’s exports to become among the 30 largest gold exporters in 2024.

He added that the division aims to participate in international jewelry exhibitions to market the Egyptian product.

Wassef said that gold prices are controlled by three factors: the price of gold on the global stock market, the exchange rate of the pound against the dollar, and supply and demand.

He explained that the exchange rate of the dollar is now stable in addition to eliminating the black market, all these were the real and influential reason for controlling gold prices.

He stressed that the Gold Division announced on January 25, 2024, in an official statement, that gold was valued at a higher value than its real one, and advised that it should not be purchased.

Wassef explained that the current prices announced in the markets are fair prices for gold according to the mechanisms of supply and demand, the global price, and the exchange rate of the pound against the dollar.