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Gold Division Chief on Rate Hike Impact
The article discusses the decision by the General Authority for Financial Supervision to ban financing companies in consumer finance from offering installment plans for purchasing gold and precious metals, and its impact on Egypt's gold and consumer finance sectors. It notes that this ban raises concerns about depriving consumers, especially those preparing for marriage, of the ability to purchase essential needs such as dowries and other necessities—expenses that were previously often financed, accounting for up to 30% of gold purchases. The report explains that the gold sector requires financing to expand and promote its products, and that this decision could limit such support. It predicts that this may lead to a decrease in the volume of gold jewelry withdrawals. Furthermore, it indicates that gold prices might be affected politically and financially, with continued demand and rising prices expected by the end of the year—projecting the price of an ounce could reach around $4,900, with fluctuations driven by the U.S. Federal Reserve’s moves regarding interest rate policies.
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