gold
The FRA issued all regulatory and legislative decisions and controls to regulate the dealings of investment funds in minerals.
The report revealed that demand for buying bars and gold pounds in Egypt doubled to 7 tons in the first quarter of this year.
The Cabinet approved on Wednesday a draft decision to exempt semi-wrought gold carried by Egyptians coming from abroad from custom duties and other applicable fees, except Value Added Tax (VAT), for six months.
The negotiations are currently underway between those entities and the government revolve around royalty, tax rates among others
FRA gave its approval to Evolve Azimut to launch the first gold investment fund in Egypt, it will be run by Azimut Egypt, while Catalyst Partners will be in charge of pricing the fund’s investment document.
The CBE decided to amend the time period for following up the gold proceeds and excluding some cases related to the proceeds of gold export operations.
The production of the Sukari mine during 2022 amounted to 440,974 thousand ounces, with an annual increase of 6 percent.
Iqat will be the third gold excavation site in Egypt, he further noted.
It noted that the US officials intervened to curb the financial repercussions of the bankruptcy of Silicon Valley Bank, saying that all depositors will be able to dispose of their deposits, starting today, Monday.
“The hike in the gold reserves is a supportive force for the Central Bank of Egypt (CBE) and the Egyptian currency, which is beneficial to the national economy,” Farag elaborated.
The Cabinet media center has denied as groundless reports on the spread of false gold bullion in Egypt's markets.
The gold mine recorded revenues of $788.4 million during 2022, compared to about $733.3 million in 2021, the company noted.
The petroleum ministry indicated, in a report issued, Wednesday, that about 568,000 ounces of gold and silver were sold during 2022, with a total value of $878.24 million.
The Ministry of Petroleum and Mineral Resources revealed Thursday that the sales of gold and silver recorded $5.3 billion between 2014 and 2022.
“The platform stopped the price movement until the market stabilized, in light of the existence of crude manipulation under the illusions of supply and demand, in addition to the existence of a discrepancy in prices within the market,” Saeed Imbaby, CEO of the "iSagha" platform, said.
According to Central Bank data published on its website, the value of gold recorded in foreign exchange reserves amounted to about $7.597 billion at the end of last April, compared to about $7.807 billion at the end of March.
The Central Bank of Egypt (CBE) bought 44 tons of gold last February, bringing its total holdings by 54 percent and up to 125 tons, which is equivalent to 17 percent of the total Egyptian reserves.
The Goldsmiths Division, in an official statement, denied what some news websites circulated about stopping the gold market in Egypt, and also denied the cessation of buying and selling movements in Egypt.
The price of 24-carat gold recorded LE 1,147 per gram, while the price of 18-carat gold hit LE 857 per gram.
Gold Gram 21K rose by LE 20 to stand at LE 852, while gold gram 18K recorded LE 730 and gold gram 24K LE 974.
