Egyptian Gold Sales Surge Amid Rising Prices
Gold prices have risen in recent days, prompting many Egyptians to sell their gold reserves. According to Karim Soliman, a gold trader, there has been a significant increase in gold sales since yesterday and continuing through today's trading. The current selling wave is driven by concerns among citizens that prices may decline in the coming period, while others are seeking to take advantage of current levels to secure profits and meet their financial obligations.
Soliman noted that many people who bought gold at prices ranging between EGP 6,400 and EGP 6,600 per gram have moved to sell after achieving gains approaching EGP 1,000 per gram. Some citizens sold their gold to repay debts or meet other financial commitments, particularly following the strong rise in prices.
The market is currently witnessing a marked rise in gold sold by citizens to retailers, while buying demand remains extremely weak. Fears of prices failing to return to their current levels, along with expectations of a possible decline, have further encouraged people to sell and secure profits.