World Gold Council confident in Egyptian gold market as a significant regional market



Tue, 23 Apr 2024 - 04:50 GMT


Tue, 23 Apr 2024 - 04:50 GMT

Cairo – April 23, 2024: Regional CEO for the Middle East and Head of Public Policy at the World Gold Council, Andrew Naylor emphasized the potential for Egypt to amplify its gold exports, underscoring the council's confidence in the Egyptian market as one of the region's pivotal markets during a press conference earlier this week.

Highlighting the exceptional quality and esteemed reputation of Egyptian gold artifacts, Naylor stressed on increasing collaborative efforts aimed at bolstering the Egyptian market and exchanging expertise to enhance its standing.

Naylor affirmed the World Gold Council's collaboration with gold banks worldwide, aiming to integrate gold into international economies, an approach to fortify the global gold market's infrastructure and advancing existing products.

He also expressed the council's goal to catalyze significant transformations in Egypt's gold market, elevating its position in the global arena. Recognizing Egypt's rich history of gold-related activities, he highlighted the precious metal's substantial role in the Egyptian economy and households.

John Reade, Chief Market Strategist for Europe and Asia at the World Gold Council, disclosed a remarkable surge in global gold prices, doubling over the past 5 years since 2019. Reade underscored the resilience of gold as a commodity, attributing the increase in global prices by an estimated $250 per ounce to various global crises.

During the "Gold as an Asset Class and Financial Instrument" press conference on Monday, Reade underscored gold's stability amidst market fluctuations, noting its significant growth in the Egyptian gold market in 2023. He also advocated for investors to include gold in their financial portfolios for diversification and stability, emphasizing its strong presence in the financial portfolios of Egyptian institutions.



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