The Financial Regulatory Authority (FRA)is announcing the required procedures for issuing licenses regarding investment funds in precious metals.
This sign with the influx of dealers into safe-haven assets, amid the turmoil the global financial sector is exposed to.
Meanwhile, Egypt plans to launch its first fund to invest in precious metals within weeks, according to Mohamed Farid, Chairman of FRA.
The launch process also comes in line with the collapse of some local banks in the US. Heavy selling of assets that carry investment risks exploded again, with the decline in US stocks and the drop in commodities such as copper and oil, and investors turned towards gold and the dollar.