Ehab Wassef, head of the Precious Metals Division in the Chamber of Metallurgical Industries in the Federation of Industries, stated that the scarcity of raw gold supplies in the market led to a surge in prices across Egypt, despite its global decline.
Wassef noted that the supply of gold cannot keep pace with the average demand in Egypt, which is the reason for the soaring prices.
The decrease in supply is mainly driven by the reluctance of citizens to sell their handicrafts, in anticipation of a new increase in prices. It is also attributed to the halting of import operations from abroad.
Moreover, the gold division head said: “We do not call for boosting imports during these circumstances.”
He concluded that the rise in gold prices led to a decline in demand as well as production, highlighting that factory production plummeted significantly in 2022.
He also pointed out that the gold division seeks to open foreign markets and export goldware abroad amid falling demand in Egypt.
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