00:00 In quantitative terms, it is described as the highest ever.
00:04 Egyptian purchases of gold rose by more than 17 tons in the past three months,
00:09 a rise of 16 tons in the same period since 2022.
00:14 These are increases that made up a third of the demand throughout the Middle East.
00:19 As a result, the direction of Egyptian savings came to gold as a safe haven to protect it from
00:24 the worst of the rising inflation, which recorded historical levels and
00:30 fear of a new low in local currency.
00:32 "People are now, of course, because of the situation we are in,
00:36 afraid of their money, afraid of their property.
00:40 Of course, the safe haven for me now is gold, because today the pound is getting less and less every day."
00:48 "Everyone imagines that they have 5-6 grams better than 1000 pounds or 2000 pounds at home.
00:54 No, I keep gold and I can sell it at any time when it is expensive.
00:58 It is a kind of investment."
01:00 "Even if it is a way of saving money, not by making a profit or not,
01:04 there is no money in making money or something like that.
01:08 You save your savings by gold only.
01:11 I think this is the best choice now in the situation we are in."
01:14 "I can't buy gold like my father used to buy.
01:18 People used to buy gold at 50-60 grams.
01:21 Today, you are talking about a very large amount."
01:25 The prices of gold in Egypt have seen record levels in the beginning of the second quarter of the year,
01:30 with an unprecedented increase in demand and a decrease in exports.
01:34 The government has also cancelled the government's tax on gold imported from abroad,
01:38 which contributed to the increase in exports and a decrease in the price limit,
01:42 which has led to the market's calmness once again,
01:45 with the expectation that gold will return to the high at the end of the year.
01:50 "The Egyptian market is clearly in a bad state.
01:53 First, there is no attack on gold from the public.
01:57 There is no attack.
02:00 The market is in a bad state because it has other things that it wants to cover.
02:06 Even the networks.
02:08 The networks today are not like they used to be.
02:12 They have weakened.
02:13 Why?
02:14 Because the family is thinking about whether to buy a fridge, a refrigerator, a washing machine,
02:17 or 100 grams of gold.
02:18 No, they are buying these things that they used to have."
02:20 This is how much Egyptian gold purchases have increased in the first half of the year,
02:23 more than 33 tons,
02:25 compared to about 23 tons in the same period of the previous year,
02:29 according to the data of the World Gold Center.
02:32 "Due to the ongoing crisis of foreign currency inflation and the increasing inflation,
02:37 Egyptians continue to buy gold in quantities that are described as the highest ever
02:42 for the first half of the year,
02:44 in order to preserve their savings from being eaten in light of the current situation."
02:50 Farouk Youssef, CNBC, Al-Qahira
