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Gold price rise prompts Egypt to sell
Recently, Egypt has experienced a noticeable increase in gold selling transactions by citizens, driven by a significant rise in local prices. The price of a gram of 21-karat gold rose from around 5,940 Egyptian pounds at the end of July to over 6,600 pounds in August, earning gains of more than 600 pounds in less than a month. This increase prompted gold owners to take profits and convert part of their savings into cash, especially since the rising prices made selling more attractive to meet various financial obligations, amid growing concerns among some about a potential price decline after the historic highs recorded locally and globally. Monitoring shows that the market is witnessing strong selling activity by citizens, while demand for buying remains weak, leading to an increase in gold supply and putting pressure on liquidity for traders. It is advisable not to sell unless there is a genuine need for cash, to compare selling prices, and to verify the weight and purity of the gold. Additionally, transactions should be carried out with trusted traders, and selling to unknown individuals should be avoided.
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