Introduction

Egypt’s gold adviser, Nagy Farag, believes that Egypt’s recent inclusion in the BRICS group is a significant economic event that has a direct correlation with the decline in gold prices.

Strengthening the Local Currency

Farag explains that Egypt’s membership in the BRICS group will enhance the stability and recovery of the local currency. Additionally, it will contribute to the reduction of gold and dollar prices, which will have a positive impact on the Egyptian economy.

Global Decline in Gold Prices

According to Farag, the price of gold has been decreasing worldwide. The price of an ounce has dropped from $1950 to $1918. He further states that gold prices have also declined by approximately 20 pounds recently, but the current price remains reasonable compared to the global market.

Zero Customs Initiative

During a telephone interview with media representative Azza Mustafa on Sada Al-Balad, Farag highlights the significant influence of the Zero Customs initiative on gold prices. He reveals that the Ministry of Supply has requested an extension of this initiative from the Council of Ministers, emphasizing its numerous advantages, particularly in light of Egypt’s inclusion in the BRICS group.

Source

Source: The Seventh Day