Egyptian businessman Naguib Sawiris said in an interview with the US channel CNBC that gold is still a good safe haven, amid the current economic conditions.
He added, "Of course, gold prices increased and decreased during the last period, but if we calculate the percentage of the decline in gold, stocks and Bitcoin, for example, gold is still heavier."
Earlier, Sawiris said in interviews, "Gold is a good investment at a time when the world is concerned about inflation. "
He revealed that gold prices depend on stock market movements, inflation index and interest rates, adding that there is a state of uncertainty about these factors.
He added, "Inflation causes gold prices increase because it is considered a safe haven, and the rise in interest rates causes a negative impact.
"I expect gold prices trading between $1800 and $2200 an ounce during the coming period." Sawiris said.
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