The CEO of gold trade platform Isagha Saied Emabibi said that there was price gouging in domestic gold markets shortly before the CBE’s decision of increasing the rates of interest. He explained that 21-karat reached EGP 1080, and sometimes prices crossed those levels without any logical motives.
Emabibi added that several citizens, traders, and stores are suffering from the mega used gold traders’ direction to gain the possible revenues of creating a sense of price gouging, continuing that mega traders force younger sellers to apply their price-directions without any objection or interference.
He concluded that gold prices dropped by EGP 25 today, and about EGP 25,000 for gold kilo after the latest decision of increasing interest rates by 2% to be 11.25% for deposit, and 12.25% for lending.
Contributed by Rana Atef