Will gold prices decrease in the coming days?

Dr. Nagy Farag, advisor to the Minister of Supply and Internal Trade for gold industry affairs, said that gold prices will witness a successive decline in the coming period before the occurrence of a state of stability in the gold market.

This comes as Resulting from the Cabinet’s decision to exempt gold imports with those coming from abroad from customs duties and other fees.

Will gold prices decrease in the coming days?

That the rate of decline in the price of a gram of gold has currently reached 200 pounds per gram since the implementation of the Cabinet’s decision on May 10.

Farag Pointing out that the coming period will witness a slight decrease in the price of a gram, until a balance is achieved in the price of a gram of gold in the Egyptian market and the foreign markets of other countries.

 The advisor to the Minister of Supply for Gold Industry Affairs described the decision to exempt gold from customs and fees as "decisive and bold".

Farag Stressing that the gold market in Egypt would not have witnessed stability except with the issuance of this decision, whose consequences appeared on the first day since its implementation, and sales currently continue to decline in succession before stabilization occurs in the price of a gram.

What is the value of value added tax?

Governmental sources revealed that the value of the 24-karat gold factory tax will be 11 pounds, after the cabinet’s decision to approve exempting returnees from abroad from gold customs and other fees for a period of 6 months.

Quantities exempt from customs

The decision of the Council of Ministers did not specify the quantities allowed to enter Egypt from Egyptians abroad, whether of gold jewelry or bullion and customs.

It is permissible for anyone coming from abroad to enter the quantities they want, while paying the value-added tax only on the workmanship, and not on the price of the gold as a whole, according to sources said.

This decision will solve the supply shortage crisis in front of the buying demand, which caused the recent rise in the price of a gram of gold, as well as the impact of the decision on saving and increasing dollar revenues.

Indicative prices for gold

On a connected level, Ramy El Dokani, Chairman of the Egyptian Stock Exchange, announced the availability of instant indicative prices for the best purchase orders and sales offers for a gram of 24 karat gold, through its website, through data provided by a company specialized in trading precious metals.

Al-Dukani added, in a press statement, that this step coincides with the start of receiving subscriptions in the first fund specialized in investing in gold, after obtaining the necessary approvals from the Financial Supervisory Authority.