Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Egypt's Gold Division Denies Taking Legal Actions Against Traders for Price Fluctuations

Gold Prices

Sat 27 Jan 2024 | 06:53 PM
Waleed Farouk

On Saturday, the General Division for Gold, part of the Federation of Egyptian Chambers of Commerce, refuted widespread rumours suggesting that security authorities had initiated legal proceedings against gold retailers over price increases.

In a statement, the Division assured that these claims are unfounded, with no recorded complaints from traders that could substantiate such events. This announcement aims to dispel anxieties and prevent unnecessary market disruptions, highlighting the gold market's vital role in Egypt's economy and the well-being of its citizens.

Lotfi Munib, the Vice President of the Gold Division, shed light on the challenges of forecasting gold prices within Egypt, attributing the difficulty to a complex interplay of global and regional factors, including geopolitical tensions. He noted that the volatility seen in international gold prices, often influenced by unforeseen geopolitical developments, especially in the Middle East, adds another layer of unpredictability to the market.