Silicon Valley crisis will increase Egypt’s gold prices

The head of the General Division for Gold and Jewelry at the Federation of Egyptian Chambers of Commerce Hani Milad announced Tuesday that the collapse of Silicon Valley Bank in the US will impact gold prices in Egypt.

During a telephone interview with the CBC satellite channel, Milad said that the rise in the price of an ounce of gold to US$1,900 is linked to the Silicon Valley Bank crisis.

He added that the bankruptcy of Silicon Valley Bank is an indicator of a major economic crisis similar to the 2008 crisis and the shaking of confidence in the American banking system.