I Sagha Suspends Posting Gold Prices until Markets Performance Fix

I Sagha platform announced suspending posting the prices of gold temporary on its platforms until the local markets’ performance is fixed.

Saied Embabi, the Executive Director of I Sagha company, explained that this suspension takes place several times annually, especially during the unstable performance of the markets, the vast ranges of gold prices in the market from the announced prices in the world exchange and the performance of the Egyptian pound against the US dollar.

Embabi added that currently workers and traders in the sector of gold and jewelry don’t accept the unfair pricing of gold. This rejection by traders and workers in the sector could help in balancing the unaccepted process of pricing gold in the local market, and direct the prices in the right direction in the upcoming hours.

He highlighted that the platform is committed to using a certain policy for posting gold prices and in case of the presence of any fake trading processes, violating the prices of US dollar exchange, unstable performance for the prices more than the expected, the platform suspends posting the prices of gold on it.

"Moreover, the issue of suspending the posting of gold prices has been applied before, and followers can check the previous times of applying such procedure," the executive director added.

Next, the director explained that I Sagha observed what was trending on social media about gold traders' intentions of closing their stores, therefore, the platform pointed out that this news is fake, and the platform didn’t observe any statements or directives orders for traders to close their stores.

He added that no non-governmental authority can issue such as order as the local market is a grand one, and it is controlled by the principle of supply and demand, on the other hand, several stores pushed the prices to EGP 1300 which is not applicable with the platform’s policy.

Finally, he pointed out that local markets witness several unfair moves for pricing the gram of gold which created a gap between prices in local and international markets, so, the platform halted publishing prices until their fixing.

Contributed by Rana Atef