Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Mercantile Exchange Conducts Bids on 246 kilos of Gold, Silver

Gold Service

Thu 16 Nov 2023 | 01:09 AM
Waleed Farouk

Chairman of the Egyptian Mercantile Exchange Ibrahim Ashmawy said that open bids were held on 66 lots of gold bars with a total weight of 144 kg, in addition to 41 lots of silver bullion with a total weight of 102 kg on the EME platform on Tuesday.

"For the first time in the history of the department, the precious metals were taken from confiscations of the Assay & Weights Administration," the chairman added.

Ashmawy stated that more than one meeting was held with specialists from both the EME and the authority to reach a final consensus formula on the best ways to offer these precious metals and to inform companies working in these activities on the necessity of bidding on both gold and silver commodities electronically, through the official platform.

Up to 8 entities from the largest companies operating in the trade of precious metals participated in these auctions.