Egypt’s Sawiris predicts gold prices will rise to $2,400 soon

Egyptian business tycoon Naguib Sawiris predicted on Wednesday that gold prices would rise to $2,400 an ounce in the coming period, up from around $2,040.

Gold is one of the most important safe havens and natural hedges against the currency uncertainty, Sawiris explained at an economic conference in Cairo.

“As such, I assume Egypt’s gold holdings shall rise by $1 billion to $2 billion due to the price increases.” Sawiris said.