The head of the Gold Division at the Federation of Chambers of Commerce in Egypt, Hany Milad, on Thursday shot down rumors of counterfeit gold coins circulating in the markets.
These reports are completely unfounded rumors aimed at tarnishing the reputation of Egypt’s gold products, he stressed.
During a phone interview with the Al-Hadath Al-Youm channel, Milad said that most companies package gold bars and coins that are stamped by the Weights and Measures Authority and conform to specifications and standards.
He advised consumers to purchase from reputable stores and obtain an invoice detailing all the specifications of the gold item, explaining that this provides a true guarantee for the consumer.
Gold prices
Regarding the future of gold prices after the US Federal Reserve’s decision to cut interest rates on Wednesday, Milad said that prices saw a relative increase following the rate cut.
He predicted that the coming period would witness a period of stability, especially with global stock markets entering the Christmas holiday season.
“Until the beginning of the year, we might see another return to higher prices in the first quarter of the new year,” he stated.
