Rami El Dokani, president of the Egyptian Stock Exchange, said in a statement that it will provide – on its website – immediate indicative prices for the best buy orders and sell offers per gram of gold ore (24 carats ) thanks to the data provided by a company specialized in the trading of the precious metal, which is a Gold Net Trading company (subsidiary of the Evolve Holding group).
Al-Dokani added that this step is accompanied by the start of receiving subscriptions in the first fund specializing in gold investment in Egypt, after obtaining the necessary approvals from the Financial Supervisory Authority.
The announcement of gold prices on the site of the exchange comes after a wave of significant increases in local prices, driven by the drop in the price of the Egyptian pound and the rarefaction of the dollar, in addition to the exaggeration of prices gold by traders. , according to what observers say.
The price increase, which far outpaced its global movements, is also the result of strong demand by Egyptians to own gold, especially bullion and gold bullion, to protect their savings from depreciation. of the pound and the rise in inflation. at levels above 30%.
A recent report by the World Gold Council revealed that gold sales in Egypt during the first quarter of this year doubled to 7 tonnes, due to the surge in demand.
The report also states that Egyptians ranked fifth in the world in terms of strong demand for gold bars and coins in the first three months of 2023, after Turkey, China, Japan and Iran.
In an attempt to calm prices, by widening the supply on the market, the Egyptian government has exempted imports of gold in the possession of passengers coming from abroad from customs duties and other charges, with the exception of the value added tax of 14% on manufacturing, for a period of 6 months.
Advisor to the minister of supply for the gold industry, Nagy Farag, told the “Eqtisadcom” program on “Sky News Arabia” that the Egyptian market has seen “worrying” increases in gold prices. gold, after a shortage of it and an increase in demand. .
“The price of gold was rising by 50 or 100 pounds per day per gram, to rise by about 700 pounds in just about 3 months, and that was a worrying question for the workers in the industry and also for the consumers,” according to Faraj.
He said the customs exemption for those coming from abroad “is a good decision and will have a positive impact on price stability by providing quantities of gold, which will increase the supply in the market”.
He pointed out that the decision did not set a maximum limit for the quantities of gold subject to exemption, nor a maximum limit for the number of times a person can benefit from the exemption.
“The decision also applies to any expatriate in Egypt, whether Egyptian or of any other nationality,” Faraj said.
Faraj said the decision has already helped calm prices in the market, and “it will also have a positive impact on the exchange rate in Egypt.”
According to local reports, the price of 21-karat gold, the most popular in Egypt, fell significantly after the ruling last Wednesday, to now be sold at around 2,400 pounds per gram, after hitting 2,800 pounds two years ago. weeks.
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