As the value of the Egyptian pound has tremendously dropped against the US dollar after the government’s controversial economic measures, thousands of citizens resorted to purchasing gold in a bid to preserve the value of their savings in local currency, which led the prices of the precious yellow metal to skyrocket for weeks. By early May, the Egyptians’ mania for gold, especially coins and gold bars, which can be resold involving low labour costs, witnessed an over 50-per cent rise compared to the beginning of the year. Last week, a report released by the World Gold Council revealed that demand for gold in Egypt doubled amounting to seven tons in the first quarter of
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