Egypt denies halting trade on gold amid fears of price hike

Egypt denies halting trade on gold amid fears of price hike

The statement also disclosed that gold pricing in Egypt is subject to complete transparency according to mechanisms of supply and demand and according to the price per ounce in global stock exchanges.

Furthermore, they pointed out that such fictitious allegations aim to create a state of congestion and turmoil in the local market, calling on everyone to avoid circulating them, especially since there are news websites that reported these rumours without verifying their authenticity and reported incorrect news from members who are not included in the division.

Moreover, they noted that such rumours harm the Egyptian economy, adding that “all legal measures will be taken against any promoters of such rumours.”

Reports of the closure of the gold market in Egypt saturated social media on Friday evening, causing tension and angered some investors in the market after the publication of a paper published by Al-Eman Company stating a decision to stop buying and selling in the Egyptian gold market due to a number of abuses.

According to the alleged statement, the halt on gold trading will continue until the price of gold in the Central Bank of Egypt (CBE) stabilises.

The statement claimed that the price of a gram of 21K gold through the global