Gold Industry Is Pillar Of Egyptian Manufacturing: New Egypt Gold
Date
12/11/2023 4:08:27 AM
(MENAFN- Daily News Egypt)
Tarek El Tarouty, Executive Director of New Egypt Gold Group, highlighted gold's status as a haven and a universally accepted currency amidst economic uncertainties and crises.
El Tarouty emphasized the resilience of the gold industry against global crises, noting that gold remains in demand for both investment and practical use. He also mentioned that gold prices in Egypt are under government oversight.
The current trend in Egypt leans heavily towards purchasing gold, particularly bullion and coins. This surge is attributed to the high exchange rate of the US dollar against the Egyptian pound and the subsequent devaluation of the local currency.
“We cannot forecast gold prices due to their correlation with global events, including economic fluctuations. Nonetheless, Egypt presents a promising landscape for the gold industry,” stated El Tarouty.
The gold and jewellery sector occupies a prominent role in Egyptian manufacturing, owing to its rich heritage and exceptional quality. New Egypt Gold distinguishes itself as a leading entity, offering a diverse selection of premium products and intricate designs, while also expanding its reach into emerging markets.
According to a recent World Gold Council report, Egyptians acquired approximately 46.3 tonnes of gold in the initial nine months of 2023, with the majority of demand driven by investment motives.
New Egypt Gold took part in the 3rd International Nebu Expo for Gold & Jewellery in Cairo, from 26 to 28 November 2023. The event, endorsed by Prime Minister Mostafa Madbouly and inaugurated by Minister of Supply and Internal Trade Ali Al-Moselhi, showcased over 200 exhibitors from notable local, regional, and international gold firms.
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