Egypt's Authorities Intervening to Control Gold Market

Egypt's General Department of Public Funds Investigations, in collaboration with other regulatory agencies, intervened to restore control over the gold market, according to sources familiar with the matter.

Speaking to SEE, the sources said, "General Department of Public Funds Investigations had arrested some speculators in gold prices, who are behind the sharp price of gold, and acts leading to wasting citizens' savings.

Hani Milad, Head of the General Division for Gold and Jewelry at the Federation of Egyptian Chambers of Commerce, said, "The domestic gold market has been impacted by the unethical actions carried out by gold speculators."

In the same connection, he noted that the unprecedented price of gold encourages investors from other sectors to buy gold and sell it in foreign markets to obtain dollars, which has resulted in a decline in the volume of supply.

He also affirmed the importance of the state's intervention to control the movement of gold prices and preserve the savings of citizens, adding that gold is a haven in times of crises and the decline in the relative value of the currency to other currencies.

Contributed by Ahmed Emam