Gold demand drops during Eid al-Fitr, defying holiday trends: Egypt's FEI official
'This year's slowdown in gold buying and selling reflects a noticeable shift in consumer behavior,' Wassef said, attributing the trend to ongoing economic pressures and rapid shifts in both global and local markets. He also noted that the relative stability of the local currency has helped curb speculative activity.
Gold prices in the local market have dropped by approximately EGP 95 since mid-last week. After reaching a peak of EGP 4,445 per gram for 21-karat gold, prices have now fallen to around EGP 4,350 per gram—a 2.1% decrease.
Wassef explained that the decline in prices is largely driven by a fall in global gold prices. Internationally, gold dropped from a record high of $3,167 per ounce to $3,037.
He emphasized that the recent stability of the US dollar exchange rate against the Egyptian pound has shifted the focus toward global market dynamics. 'With the dollar holding steady, international gold prices have become the dominant factor influencing local pricing,' he added.
© 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).
Daily News Egypt
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
11 hours ago
- Zawya
Egypt: Unirab's net losses deepen 121.1% YoY in H1 2025
Arab Finance: Unirab Polvara Spinning and Weaving Company's net losses after tax hiked by 121.12% year-on-year (YoY) to EGP 21.216 million in the first half (H1) of 2025, according to the financial results. The incurred net losses were compared with the EGP 9.595 million losses reported in H1 2024. Unirab generated 12.47% lower revenues at EGP 42.196 million in H1 2025, compared to EGP 48.205 million in H1 2024. Basic loss per share jumped by 121.57% to EGP 0.226 at the end of June 2025 from EGP 0.102 a year earlier. © 2025 All Rights Reserved Arab Finance For Information Technology Provided by SyndiGate Media Inc. (
Zawya
11 hours ago
- Zawya
Egypt: Obour Land's consolidated profits see 8.47% YoY decline in H1 2025
Arab Finance: The consolidated net profits attributable to the shareholders of Obour Land for Food Industries declined by 8.47% to EGP 387.092 million during the first half (H1) of 2025 from EGP 422.951 million a year earlier, according to the financial results. Basic and diluted earnings per share (EPS) declined to EGP 0.83 in H1 2025 from EGP 0.91 in H1 2024. The company registered higher sales at EGP 5.056 billion in the first six months of 2025, compared to EGP 3.834 billion during the same period in 2024. Meanwhile, the standalone net profits after tax reached EGP 385.690 million at the end of June 2025, an annual drop from EGP 424.268 million. © 2025 All Rights Reserved Arab Finance For Information Technology Provided by SyndiGate Media Inc. (
Zawya
11 hours ago
- Zawya
Egypt: Beltone's operating revenues leap 115% YoY in H1 2025; profits hit $20mln
Arab Finance: Beltone Financial Holding's operating revenues more than doubled to EGP 6.3 billion in the first half (H1) of 2025, reflecting a 115% surge when compared to H1 2024, according to the financial results. Net profit after tax and minority interest hiked by 60% year-on-year (YoY) to EGP 1.3 billion at the end of June 2025. Meanwhile, the total outstanding portfolio hit EGP 34.8 billion in H1 2025, marking a 109% YoY leap. The group's investment bank (IB) platform generated 137% YoY higher revenues at EGP 1.1 billion, backed by a surge in advisory services and a continued expansion of securities brokerage operations. As for the investment bank, the segment registered EGP 582 million in revenue during the first six months of 2025. The reported amount signals a 597% YoY increase, driven by a hike in advisory services, which currently include a full array of equity, debt, and credit advisory. The securities brokerage's operating revenue jumped by 41% YoY to EGP474 million in 1H2025, supported by higher commissions and solid growth in its client base. Regarding asset management, Beltone maintained its leadership as Egypt's largest non-bank affiliated asset manager, with assets under management (AUM) hitting EGP 27.3 billion. Non-bank financial institutions (NBFIs) platform delivered solid results, with operating revenue surging y 111% YoY to EGP 5 billion as of June 30 th, 2025. In H1 2025, the leasing and factoring segment posted 107% YoY higher revenues at EGP 2.4 billion, with the outstanding portfolio rising by 78% YoY to EGP 14.5 billion. The revenues of mortgage finance amounted to EGP 955 million in H1 2025, up 106% YoY from the same period in 2024. Beltone concluded H1 2025 with an outstanding portfolio of EGP 7.3 billion, marking a 121% YoY surge. Having launched in the third quarter (Q3) of 2024, the small and medium-sized enterprises (SMEs) achieved revenues of EGP 212 million, with an outstanding portfolio hitting EGP 1.4 billion at the end of June 2025. The cash microfinance generated revenues valued at EGP 400 million, an annual increase of 181%. The company's outstanding portfolio jumped by 227% YoY to reach EGP 1.4 billion. As for the venture capital, it executed six new transactions between equity investments and venture debt financing during the January-June 2025 period. The company's equity portfolio market value continued its stellar performance growing almost 220% since inception. Dalia Khorshid, Group CEO and Managing Director, commented: " This outstanding performance was powered by the synergistic momentum of our core platforms, strong fundamentals, and our strategic and digital expansion.' 'Both our Investment Bank and NBFIs platforms delivered formidable top and bottom-line growth, underscoring our ability to generate substantial value across diverse market segments,' Khorshid added. She concluded: 'Beltone's solid performance drivers, and the continued focus on our growth strategy will set the future foundation for delivering sustainable shareholder value.' © 2025 All Rights Reserved Arab Finance For Information Technology Provided by SyndiGate Media Inc. (
