The head of the Jewelry and Gold Division at the Federation of Egyptian Chambers of Commerce Hany Milad announced Saturday that gold prices have been witnessing relative stability worldwide and locally for about three weeks, due to several factors, and called on citizens to buy gold now to take advantage of this.
In Egypt these factors include the balance between supply and demand, the stability of the exchange rate, in addition to the stability of the global price of the yellow metal, he explained.
Milad explained that gold is a long-term investment as it is a store of value, indicating that its price is currently suitable for purchase.
Regarding the impact of the Central Bank of Egypt’s decision to raise the interest rate by one percent, Milad said that banks have not yet introduced new CDs, indicating that these deposits, if issued, may impact the price of gold.
He explained that the segment of people interested in CDs is looking for the monthly return, and this differs from gold which is a long-term investment.