Rédaction Africa Links 24 with Egypt Independent
Published on 2024-01-25 10:30:07
The Gold, Jewelry and Precious Metals Division of the Chamber of Mineral Industries of the Federation of Egyptian Industries issued a statement explaining the reasons behind the record rise in Egypt’s gold prices over the past few days. According to the statement, the current gold prices in the market are an exaggeration caused by citizens rushing to buy gold and are not as it should be. The division appealed to citizens to be cautious in purchasing gold at the current time, which is witnessing speculative operations outside the rules of the market. It also warned against being led astray by rumors circulated online, which cause huge financial losses for citizens. The price of a gram of 21karat gold in Egypt on Thursday currently records 3,850 pounds in trading, amid a rise in demand for gold in the Egyptian market.
The statement from the Gold, Jewelry and Precious Metals Division sheds light on a concerning issue in the Egyptian gold market. The division is urging citizens to exercise caution and not to be swayed by the exaggerated gold prices caused by speculative buying. This appeal comes as a warning against falling victim to misleading information and rumors circulating online, which can result in significant financial losses. The division’s statement serves as a reminder for citizens to approach gold purchasing with vigilance and to be mindful of the market’s fluctuating conditions.
The surge in demand for gold in the Egyptian market has led to a substantial increase in gold prices. The division’s concerns echo the need for citizens to stay informed and make sound decisions amidst the current climate of exaggerated prices. With the price of a gram of 21karat gold reaching 3,850 pounds in trading, the division’s statement serves as a timely reminder for citizens to approach gold purchasing with caution. It emphasizes the importance of remaining level-headed and avoiding impulsive buying during a period marked by speculative operations. By issuing this statement, the division aims to protect citizens from potential financial pitfalls and urges them to stay informed and discerning in their gold purchases.
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