Gold Division: Increase in gold supply in markets amid declining demand and increasing resale

Engineer Osama El-Gala, Secretary-General of the Gold and Jewelry Division at the Federation of Egyptian Chambers of Commerce, said that gold prices on the global stock exchange are currently the factor influencing gold prices in local markets, especially with the stability of the exchange rate.

He added that the ounce on the global stock exchange reached $3,058, its highest ever level. Consequently, gold prices in local markets have been affected by purchasing activity in Egypt, with supply exceeding demand. Consequently, the surplus raw material is exported to foreign markets to provide cash and liquidity for traders who purchase from consumers wishing to sell their gold holdings.

He noted that consumers have purchased more gold than usual over the past two years, and now it is normal for them to decide to resell to pay their dues.