- Hani Milad, head of the General Division of Gold and Jewelry at the Federation of Egyptian Chambers of Commerce, expects the prices of the precious metal to rise in the coming period, stressing that gold is a popular choice for investment and hedging against economic fluctuations.
- Milad pointed out, in television statements, that gold prices have witnessed a noticeable increase during the recent period due to several economic, political and geopolitical factors, explaining that gold is closely linked to global stock exchanges, which makes it sensitive to changes in the global scene.
- He said, “The turbulent economic conditions and wars in the Middle East, in addition to the expected changes in interest rates on the US dollar by the US Federal Reserve, are all factors that have affected the increase in gold prices. The US elections and the fluctuations that may occur in the dollar also affect the price of gold, which has an inverse relationship with the dollar.”
- Regarding the reasons that prompted people to buy gold recently, Milad explained that individuals resorted to gold as a safe haven to preserve the value of their money, especially in light of the increasing economic turmoil, stressing that its prices are constantly rising.
- Regarding the Gold Division’s demand for the government to re-implement the decision to exempt gold from customs, Milad pointed out that the previous experience of exempting gold from customs contributed to achieving a balance between the global and local price, which reduced pressure on demand and increased the availability of supply. He expressed his hope that the government would respond to the division’s demand to re-implement this decision, especially in light of the increase in demand for gold during the recent period.
