How does the Ukrainian crisis affect the gold market in Egypt?

US President Joe Biden’s assertion that his country will not enter the war, and will be satisfied with imposing sanctions on Russia while providing the necessary support to Ukraine, as well as not turning the matter into a global war, reasons that led to the drop in the price of gold below the level of 1900 dollars, which is the level it had reached during the past days On the impact of the war on Ukraine, to return to a decline in global stock exchanges, after the yellow metal achieved significant gains on the first day of a Russian war against Ukraine.

For his part, Ihab Wassef, head of the Precious Metals Manufacturing Division in the Chamber of Metallurgical Industries of the Federation of Egyptian Industries, explained in statements to Sky News Arabia, that the price of gold rose to its highest point since November 2020, and it can be said that this is the maximum rise for gold in its history.

The lack of NATO intervention led to price stability

He added that investors began to reap profits and it was expected that tensions would increase in Ukraine and that other countries such as NATO would intervene in the crisis, but after NATO declared non-military intervention, prices returned to normal again.

He added, “At the present time, there is no increase in prices, and the closing of the global stock exchange at the end of last week stopped at the same point at which it stopped at the beginning of this week, which means that prices are in their normal condition.”

Wassfi indicated that “the lack of NATO intervention made the crisis stop at a certain limit, and therefore the impact on gold at the present time is not great, but it depends on the global stock market and the extent of the crisis’s impact on it.”

Advice to citizens about gold

The head of the Precious Metals Manufacturing Division in the Chamber of Metallurgical Industries indicated that “the continuation of the Russian tide towards the countries of the former Soviet Union may lead to further rises in the price of gold in the future, and at such times people can be advised to buy gold as a safe haven for those who have an investment opportunity to buy, at the beginning of the crisis I would advise to wait a bit, but at the moment it is going naturally and whoever wants to invest in gold must accept it without fear.”

He pointed out that gold has its value at all times, as it is a store of value, and does not lose its value in any case, and therefore, in general, all times are appropriate to buy gold, and there is no concern at the moment.

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