Gold prices in Egypt hit record highs as demand surges and government announces new plans

Gold prices in Egypt have been rising to record levels, with the price for 21-karat gold reaching a new high. There is strong demand for buying gold, with wait times for gold bars extending up to 30 days.

The Egyptian government has announced a comprehensive plan to regulate the gold market and turn Egypt into a manufacturing center for the metal. The plans include establishing a national refinery, offering services to neighboring countries, and proposing seven new areas for gold and mineral exploration. The government is also promoting the Matrouh region as a global hub for development projects.