The General Division for Gold and Jewelry at the Federation of Egyptian Chambers of Commerce (FEDCOC) announced an initiative to lower making charges for gold jewelry during May in cooperation with workshops and retail shops. The head of the division Hani Milad said during a press conference on Sunday that this initiative aims to provide lower prices for customers. Milad explained that this move aims to strike a balance between supply and demand locally. Gold prices are affected by international stock exchanges, the US dollar exchange rate, and supply and demand factors, which have become the main indicator in pricing gold in the local market now, he said. The difference between the buying and selling prices has become very small, he said, adding that his division is not a pricing entity.