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Egyptian Commodity Exchange Announces Collaboration for Gold Trading Launch


Gold Prices

Thu 08 Feb 2024 | 03:42 PM
Waleed Farouk

The Commodity Exchange, Egycash, and Gold Era Investment Company have agreed to officially commence gold trading through the Commodity Exchange platform this February.

The signing ceremony was attended by Major General Gamal Abu Ismail, the Managing Director of Egycash, registered as a provider of metal storage services, Colonel Hani Ghaith, Egycash's Contracting Manager, Hussam El-Gharahi, the Executive Chairman and Managing Director of the Commodity Exchange, and John Luke, Chairman of Gold Era Group, along with Osama Zerai, Gold Era's Regional Director in Egypt.

John Luke, Chairman of Gold Era Investment Company for Gold Investment, stated, "As part of the company's ongoing development and to achieve financial inclusion under the directives of President Abdel Fattah El-Sisi and Prime Minister Mostafa Madbouly, we have contracted with the Commodity Exchange Board to commence trading gold as the first Egyptian company to actually trade its various forms of raw gold through the official platform of the Egyptian Commodity Exchange."

Osama Zerai stated, "The company is committed to all regulations, rules, and procedures set by the Egyptian Commodity Exchange and relevant authorities to regulate trading and pricing. Thus, Gold Era aims to be the first company to start trading the yellow metal on the commodity exchange platform soon."

He further elaborated that Gold Era has contracted with Egycash, a leading company in financial technology solutions, money transfers, and precious metal storage, as its custodian for precious metals.

The partnership with Egycash aims to securely store gold, subject to governmental oversight.

Zerai emphasized that gold pricing on the commodity exchange will be based on prices announced by the Stamp and Scales Authority to ensure fair prices and transparency in trading operations.

Contributed by Israa Farhan