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00:00 The rising prices of gold have been seen by the local market in Egypt,
00:05 affecting the global price of the gold to a record level
00:09 due to the rising geopolitical tensions in the region.
00:13 These are rising prices that may continue, as many expect,
00:17 to rise as the global inflation rates increase,
00:20 which has an impact on the local price movement and on the buying and selling rates.
00:25 The local price movement increases when the global gold price increases,
00:29 but the increase is also in the area of the surplus.
00:33 But the movement is always a little bit stagnant or the movement is weak,
00:38 because most people invest their money in banks.
00:41 Banks invest money that is not in any trade.
00:44 Who earns 25% or 30% in a trade? It's hard.
00:49 Despite the rising prices of gold locally,
00:52 it is still below the standard levels that it reached at the beginning of the year
00:56 due to the gap between the exchange rate in the official and the fair markets,
01:00 before the prices dropped after the decision to lower the exchange rate in March.
01:05 Many expect that some of the buying and selling decisions will be postponed
01:09 due to the current rises and the desire to keep gold as a safe deposit
01:13 to face the high inflation rates.
01:16 Regarding the current situation, these are the safe deposits
01:20 that we can invest our money in and we are confident.
01:23 Regarding the current situation and the wars we are in,
01:27 all of this is a sign that the gold price is increasing.
01:32 I think that the prices are too high compared to the global market prices.
01:39 Therefore, people should be a little bit more patient.
01:43 They should not buy at this rate and not talk about gold in this way.
01:48 The world should calm down a little bit.
01:50 A few months ago, the prices were much higher than now.
01:53 But now, the prices have dropped a little bit and they will increase again.
01:57 Therefore, people should buy now.
01:59 The gold prices are high and I don't think that they will drop at all.
02:04 But this is the best investment.
02:06 Even if someone buys something, he will buy a small amount.
02:09 There is no other solution.
02:11 The data of the International Gold Council indicate that the amount of gold purchased by Egyptians
02:16 reached 5.5 tonnes in the past year,
02:20 with a rise of 11% compared to 2022.
02:25 The prices of gold in Egypt continue to rise and to touch their level of price
02:30 due to the global movements due to the rise of geopolitical tensions in the region.
02:38 Farouk Youssef, CNBC, Al-Qahira.