Introduction

Nagi Farag, an adviser to the Egyptian Minister of Supply on gold issues, said that there are expectations of a strong rise in the price of gold, as its price could reach $2,500 in the last quarter of this year.

Reasons for the Expected Rise

During a telephone interview with him on Al-Masri Afandi, Nagy Farag explained that the upgrade could come as a result of a downgrade in the US credit rating, and therefore an upgrade in Egypt, breaking the £3,000 barrier. Farage stated that the total forged over the past three months is approximately 40 tons, given that this shows the love of the Egyptians for gold and their demand for it as a good store of value, indicating that gold is experiencing a state of stability in its prices between 2150 and 2160 pounds thanks to the Ministry of Supply’s Zero Customs initiative, which has contributed to the introduction of more than half a tonne of gold since its launch last May. The adviser to the Minister of Supply pointed out that the stability of the price of gold compensated for the lack of income for the Egyptians and helped to calm the price of the dollar, and that the price of gold approached the world price as it became almost constant in the markets, stressing that the demand for buying bullion, gold pounds and artifacts above excellent, especially after ingots became fare, like gold jewelry, had a good impact on the support of workshops and led to a good recovery in the gold market.

Government Initiatives

The Egyptian government approved a draft decision to exempt gold imported from abroad from customs duties and other fees, except for value added tax, for a period of six months.

Source

Source: Al-Shoruk, Egypt.