Egypt stocks denies allowing gold, aluminum trading

Muhammad Khalid, Sunday 7 May 2023

The Egyptian Exchange (EGX) has denied permitting trading in gold and aluminium on the market during the second half (H2) of 2023, emphasizing that the EGX website will provide gold prices only.



"The EGX will not be trading gold nor aluminium on its market. However, we will include gold prices on our website once we obtain the approval of the Financial Regulatory Authority (FRA). A state-owned gold refining plant will provide the price updates," EGX's Communication Director Hesham Turk told Ahram Online. 

Turk's remarks came in response to reports that gold trade would be allowed on the stocks.

The Egyptian gold market has fluctuated considerably, especially since the Russian-Ukrainian war broke out.

The war has led to an unprecedented inflationary wave and hikes in exchange and interest rates.

Since the beginning of 2023, gold prices have surged by over 50 percent amid uncertainty regarding the actual causes of these unprecedented rates.

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