Surprise .. Has the price of gold collapsed in Egypt? The head of the division answers

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Engineer Rafiq Abbas, Head of the Gold Division at the Chamber of Commerce, denied rumors about the collapse of gold prices in Egypt during the last period.

“Abbas” said, during a telephone interview on the “Al-Youm” program broadcast on the “DMC” channel today, Friday, that the drop in gold prices by 30 pounds from 800 pounds is not considered a collapse, but rather a fluctuation.

He added that gold prices are linked to the global stock exchange and the price of the dollar, pointing out that the fluctuation of prices is a result of the fluctuation of the economic situation in the world.

And he continued, “The first thing that happens is reassurance that the economy will work and there will be prosperity for people by selling gold and its price will drop, and when there is worrying news about the economy, all governments and institutions run for gold to secure their investments.”

He pointed out that this demand leads to an increase in demand and a tendency to buy it, explaining that this fluctuation in prices during the past year is a result of fluctuating political news that affects the economy.

He explained that gold prices during the past year were fluctuating in the range of $200, above or below the average price of an ounce of $1800.



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