By: Rawan Tarek - Hussein Mohammed

The percentage of investment in gold has increased despite the high price in the last period significantly, especially in investing in bullion and gold pounds.

Sameh Abdel Hakim, a member of the Gold Division, said that the global trend to buy gold pushed the price of an ounce to the level of 1800 dollars at the end of the week`s trading, and in return the price of gold in Egypt moved due to the high demand for the precious metal with the demand for buying at the current stage, expecting the gram to reach 2000 pounds at the near level due to the high demand for the precious metal.

Asked about the status of jewelry sales, Sameh Abdel Hakim revealed that the gold jewelry market is declining in favor of gold bullion and pounds, pointing out that retail stores have reached the sale of bullion rates of about 50 to 60% of the total sales currently. As for the weights of bullion available in the market, he revealed that gold factories provide bullion with weights starting from one gram to a kilo, pointing out that the manufactures range from 25 to 65 pounds per gram of bullion, the greater the weight of the alloy, the lower the cost of workmanship and alloys with small weights are higher workmanship.
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The advisor to the Minister of Supply pointed out that manufacturers have tended to offer gold products that suit the income of citizens, pointing out in this regard that these gold jewelry will be launched during an international exhibition on December 11 and 12, suitable for all types of income groups, which is a safe haven for investment for Egyptians.

Nagy Farag, a member of the Gold Jewelry Division at the Cairo Chamber of Commerce, pointed out that Egyptians tend to invest in gold despite its high prices, citing the tendency of a large number of citizens to buy gold for investment during the last 3 years despite the continuous increase it is witnessing, but they prefer gold because of the high return.

Hani Milad, head of the General Division of Gold and Jewelry at the General Federation of Chambers of Commerce, advised citizens to invest in buying gold against any other savings pot, even if investing in bank certificates, because gold is still achieving the highest return on investment in Egypt, ruling out the decline in gold prices globally in the short term in the absence of signs of global economic recovery, and the lack of intention of the US Federal Reserve to stop the interest rate.

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