24 Hrs
Source:
المصري اليوم
Gold installment purchases: investment or risk
Gold prices in the Egyptian market have seen a decline since yesterday, Wednesday, after consecutive increases. The 21-karat gold jewelry now costs around 6,340 Egyptian pounds, while the global price of an ounce has decreased from about $4,430 to $4,388. The Vice President of the Gold and Jewelry Division, Lotfi El-Moneeb, attributed the recent rise in gold prices to stable inflation in the United States and lowered expectations for interest rate hikes, in addition to geopolitical tensions and disruptions in navigation traffic through the Strait of Hormuz. El-Moneeb emphasized that purchasing gold through loans or installment plans is highly risky, and the main purpose of buying gold should be to preserve the value of money through financial liquidity that is not needed immediately.
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