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Egypt issues official statement revealing reasons behind record rise in gold prices

The Gold, Jewelry and Precious Metals Division of the Chamber of Mineral Industries of the Federation of Egyptian Industries issued a statement on Thursday explaining the reasons behind the record rise in Egypt’s gold prices over the past few days.

According to the statement, the current gold prices in the market are an exaggeration caused by citizens rushing to buy gold and are not as it should be.

The division appealed to citizens to be cautious in purchasing gold at the current time, which is witnessing speculative operations outside the rules of the market.

It also warned against being led astray by rumors circulated online, which cause huge financial losses for citizens.

The price of a gram of 21karat gold in Egypt on Thursday currently records 3,850 pounds in trading, amid a rise in demand for gold in the Egyptian market.

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