Arab Finance: Egypt’s gold reserves in local mines amount to at least 25 million ounces, Advisor to the Minister of Supply for Gold Affairs Nagi Farag said in an interview with Ala Masouliati Talk show.
Farag also revealed that gold prices saw a decline after the issuance of new high-yield certificates by the National Bank of Egypt (NBE) and Banque Misr.
Moreover, he expects the price of 21-carat gold to decline further to EGP 2,500 per gram.