Naji Farag, Advisor to the Minister of Supply and Internal Trade, confirmed that the gold market is witnessing important developments as the end of 2024 approaches.
He explained that global gold prices are expected to exceed $3,000 per ounce during the first quarter of next year, in light of the high demand and the continued role of gold as a safe haven for investment.
Farag pointed out that Egyptians have a long history of demand for gold, as the local market witnesses the circulation of approximately 70 tons annually, including 15 to 20 tons of gold bullion and pounds. He added that the rise in gold prices globally and locally, which reached about 4,000 pounds per gram, did not affect its position as a preferred investment option.
