How the "Gold Emperor" of Egypt Fell

Amid record jumps in gold prices in Egypt, security forces arrested one of the largest traders of the yellow metal in the country. The security forces raided the shops of the individual dubbed "the Gold Emperor of Egypt" located in the Al-Gamaliya area west of Cairo. The arrest of the Gold Emperor came based on information about serious violations he committed related to the buying and selling of the precious metal, which affected market movements, according to local newspapers. Preliminary investigations revealed that the arrested individual was setting the price of a gram of gold based on the black market dollar rate, which pushed both the metal and the U.S. dollar to record levels. Additionally, security forces found large quantities of raw gold amounting to 165 kilograms in his shops, along with substantial amounts of foreign currency.