Egypt Sees 33.3% Decline in Bullion and Gold Coins Sales in February

Egyptians’ demand for bullion and gold coins sales declined by 33.3% in the local markets during February compared to January 2023 sales, according to the latest report issued by the “Egypt Gold” company.

On his part, Fadi Kamel, Executive Director of the “Egypt Gold” Company for Gold Trading, said that the local market sales of the 24-karat gold bullion bars recorded about 450 kilograms last January, compared to only 150 kilograms in February, despite the drop in gold prices hitting $1808 per ounce.

He added that the local demand for gold doubled at the end of February, coinciding with the rise in prices on the global stock exchange, due to the escalation of global geopolitical events, and the growing uncertainty over the fate of the interest rate on the US dollar.

Kamel pointed out some citizens tend to sell their gold savings or refrain from buying with the decline in prices, while the pace of demand increases with the rise in gold prices.

He also called for launching awareness campaigns for citizens with regard to the best times for buying gold, as it is a safe saving vessel, which continuously goes through a stage of decline and upwards, noting that knowing the best time for buying and selling gold is the main factor in achieving profits in the gold investments.