صدى البلد البلد سبورت قناة صدى البلد صدى البلد جامعات صدى البلد عقارات
Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Head of gold division: gold market in Damietta 'stagnant'


Wed 29 May 2024 | 05:06 PM
Gold
Gold
Basant Ahmed - Walid Farouk

Yasser Al-Nahhas, head of the Gold Division at the Damietta Governorate Chamber of Commerce, said that the gold markets in the governorate are witnessing a state of complete stagnation during the current period, due to the loss of confidence in investing in gold, as the prices declined by about a thousand pounds, compared to the prices last January.

He pointed out that gold prices depend on the price of gold on the global stock market, the exchange rate of the dollar in the local market, and supply and demand.

He pointed out that Damietta Governorate has about 164 stores for gold and jewelry, and it does not include workshops or factories for producing gold, due to the high cost of manufacturing, especially with the lack of demand, but market traders rely on purchasing from gold factories in Cairo and industrial areas such as Al Obour and Badr.