The Financial Regulatory Authority (FRA) has issued two circulars to consumer finance companies, introducing restrictions on the financing of precious metals and new rules governing return rates.

The Gold and Precious Metals Division of the Federation of Egyptian Industries (FEI) rolled out a new strategy extending to 2029, aimed at transforming Egypt into a regional hub for the gold industry, Chairman Ehab Wassef told Al Arabiya.

Silver prices plummeted on Thursday, and oil prices fell more than $1 a barrel after the U.S. and Iran agreed to hold talks, according to Reuters.

Egyptian Minister of Supply and Internal Trade Ali Moselhy has issued a ministerial decree regulating the trading of precious metals and gemstones.

Egypt's exports of gold, jewelry, and precious stones decreased by 45% to $425 million during the first five months of 2023, compared to $766 million in the same period of 2022.