Gold prices in Egypt witnessed unprecedented spikes several times after the Russian-Ukrainian crisis, reaching record-high levels. Besides, the CBE began to realise the issue of speculations in gold export. Besides, encouraging the export of gold jewellery, for example, through international exhibitions, as well as relieving pressure on gold ore and directing the demand for gold jewellery by relinquishing part of the processing cost. Furthermore, he suggested that authorities should continue monitoring gold ore export. He pointed out that the lack of dollar liquidity, and its circulation near its lowest levels in six months, was a major catalyst for the hikes in gold prices.

Source: Daily News Egypt December 27, 2022 15:27 UTC