Stoppage of gold pricing after 21-carat reached LE 1,800
ISagha platform for trading gold and jewelry via the Internet stopped publishing the movement of gold prices in the local markets, during Monday’s trading, due to market instability.
The platform added, in a statement, that this came “as a result of manipulation in moving prices to unprecedented levels,” noting that the price of a gram of 21 carat gold exceeded the level of LE 1,800, despite the stability of the trading price of an ounce on the global stock exchange, at the level of $1,797.
“The platform stopped the price movement until the market stabilized, in light of the existence of crude manipulation under the illusions of supply and demand, in addition to the existence of a discrepancy in prices within the market,” Saeed Imbaby, CEO of the "iSagha" platform, said.
He added that gold prices witnessed strong movements during yesterday, Sunday, despite the weekly holiday and the cessation of trading in the markets, which proves the existence of speculation, manipulation, and a monopoly in the commodity with the aim of raising prices, in addition to pricing a dollar in the parallel market that exceeded about LE 36.