The Secretary of the Gold Division at the Federation of Egyptian Chambers of Commerce Nady Naguib announced Saturday that gold has reached its lowest price in the current period and is expected to rise again next week. Naguib explained that the decline in gold prices recently came due to several reasons, with prices fluctuating as a result of the coronavirus crisis, US presidential elections and the deteriorating economic situation. Gold prices will start to rise again during the coming period, he said, but noted that the decline did not affect the Egyptian market due to the nation’s weak economic situation. Naguib anticipates the price drop will drive citizens to buy gold, as investing in gold does not have a tax and so now is the right time to invest. Gold prices were stable in Egypt on Saturday, with price movements up and down not exceeding one pound.

Source: Egypt Independent March 07, 2021 10:30 UTC