Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Closing Gold Markets: Crises, Impacts

Gold Prices

Mon 29 Jan 2024 | 07:02 AM
Waleed Farouk

Since last week, gold markets are still witnessing a close, and halted transactions.

Hany Milad, the head of the General Gold Division at the General Federation of Chambers of Commerce, said that some moves in the market left negative impacts on markets, in addition to the rumors about gold traders on social media, continuing that these rumors are spread among the consumers.

On the rumors about the gold that was faked by copper in the market, Embabi expressed that there is no evidence about that, revealing that customers are disturbed by such news.

He asserted that the latest rumors prevented traders from selling or buying due to the rapid changes in prices.

The gold official revealed that some traders are using the principle of supply and demand as a way to manipulate prices, adding that the issues of the gold market are increasing as long as there are no effective solutions.

The closing of the markets is a huge crisis, and it harms a vast sector that includes thousands of laborers who receive weekly salaries which negatively impacts thousands of families.

He concluded that the gold market halting is a loss for a massive economic sector that contributes in enhancing mega projects, and Egypt gold exports.

Contributed by: Rana Atef