Gold Prices Rise Amid Market Anticipation of Central Bankers' Policy Statements
Gold prices rose in local markets on Tuesday, in tandem with a strong rally in global spot prices, as markets await key policy signals from central bankers participating in the European Central Bank's (ECB) annual forum in Portugal.
Locally, gold gained EGP 40 compared to Monday's closing, with 21-karat gold reaching EGP 4,660 per gram. Meanwhile, global spot gold rose by $42, hitting $3,350 per ounce.
24-karat gold: EGP 5,326
18-karat gold: EGP 3,994
14-karat gold: EGP 3,107
Gold pound (8g of 21-karat): EGP 37,280
On Monday, prices had already edged up EGP 10, with 21-karat gold opening at EGP 4,610 and closing at EGP 4,620. Globally, gold opened at $3,274/oz and closed at $3,308, a daily increase of $34.
This dual upward movement in both local and global markets comes as investors shift focus to the ECB forum, where central bank leaders are expected to offer insights into the future of global monetary policy.
Key Speakers at the Forum:
Christine Lagarde, President of the ECB
Kazuo Ueda, Governor of the Bank of Japan
Andrew Bailey, Governor of the Bank of England
Jerome Powell, Chair of the U.S. Federal Reserve
This annual meeting is seen as a major opportunity for markets to decode policy intentions—especially at a time when central banks are walking a tightrope between containing inflation and maintaining economic growth.
These forums often either project a unified message among central banks or highlight policy divergences, influencing the movement of major assets like gold, currencies, and bonds.
Focus on Powell's Speech Amid U.S. Political Turmoil
Markets are especially tuned in to Jerome Powell's remarks, as former President Donald Trump escalated his criticism of Powell on Monday, intensifying concerns about the Federal Reserve's independence. Trump's public attacks have fueled speculation about a potential change in Powell's tone—or even a move to replace him—which in turn boosted gold's appeal as a safe-haven asset amid heightened political uncertainty and a weakening dollar.
Key U.S. Economic Data Ahead
The U.S. private sector jobs report is due on Wednesday and is viewed as a leading indicator for the official employment report. On Thursday, markets will receive:
Non-Farm Payrolls (NFP)
Weekly jobless claims
Services PMI
Outlook: Gold Seen as Safe Haven Amid Uncertainty
In this climate of political instability, divergent monetary expectations, and mounting financial anxieties, gold continues to stand out as the safest option for investors. Many analysts now believe that gold may be on the verge of a technical breakout, potentially supporting further upside momentum in the near term.
read more
CBE: Deposits in Local Currency Hit EGP 5.25 Trillion
Morocco Plans to Spend $1 Billion to Mitigate Drought Effect
Gov't Approves Final Version of State Ownership Policy Document
Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister
Qatar Agrees to Supply Germany with LNG for 15 Years
Business
Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves
Business
Suez Canal Records $704 Million, Historically Highest Monthly Revenue
Business
Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday
Business
Wheat delivery season commences on April 15
News
China Launches Largest Ever Aircraft Carrier
Sports
Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer
Videos & Features
Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall
Lifestyle
Get to Know 2025 Eid Al Adha Prayer Times in Egypt
Business
Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War
News
Flights suspended at Port Sudan Airport after Drone Attacks
Videos & Features
Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream
News
Shell Unveils Cost-Cutting, LNG Growth Plan
Technology
50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
News
"Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence"
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
See - Sada Elbalad
6 hours ago
- See - Sada Elbalad
Trump Raises National Park Entrance Fees for Foreign Visitors
Taarek Refaat In a move that has drawn attention for its dual impact on both public finance and tourism, U.S. President Donald Trump signed an executive order on Thursday raising entrance fees for foreign visitors to the nation's national parks. The decision comes at a time when the Trump administration is also proposing significant cuts to the budget of the National Park Service (NPS). The White House issued a statement saying that the additional revenue generated by the fee increases will be used to fund environmental conservation projects and address delayed maintenance work aimed at improving facilities within the country's national parks. The administration anticipates that this policy could generate hundreds of millions of dollars to help cover the costs of these initiatives. "The goal is to reinvest in our national parks by enhancing the visitor experience, improving infrastructure, and preserving these iconic landscapes for future generations," said the White House statement. The executive order directs the U.S. Department of the Interior, which oversees the National Park Service, to raise fees for foreign visitors. However, specific details about the fee hikes or their implementation date were not disclosed. It remains unclear how many of the 433 national park sites managed by the NPS will be affected by this change, though only about 100 parks currently charge entrance fees, with prices varying widely across locations. This development comes on the heels of the Trump administration's proposal to slash more than $1 billion from the National Park Service's budget for the fiscal year 2026, a cut of over one-third compared to the previous year's funding. The proposed reduction in the budget has raised concerns about the long-term sustainability of the parks' operations and conservation efforts. Despite the financial pressures, national parks have seen a surge in visitors in recent years. Last year, a record 331 million visitors flocked to U.S. national parks, a 6 million increase from 2023, highlighting the continued popularity of these public lands among both Americans and international tourists. The fee hike for foreign visitors is seen as part of a broader trend of cost-cutting and revenue-generation measures employed by the Trump administration, which has faced criticism for reducing funding for public services, including environmental programs. Some critics have argued that the increased fees could deter international tourists from visiting U.S. parks, potentially impacting the broader tourism industry. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News Flights suspended at Port Sudan Airport after Drone Attacks News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
See - Sada Elbalad
6 hours ago
- See - Sada Elbalad
Ireland Pledges €4 Million to Support Education and Public Services in Palestine
Taarek Refaat In a significant move to bolster support for Palestinian communities amidst ongoing challenges, the Irish government has announced a new aid package worth €4 million aimed at supporting children's education and public services in Palestine. The Irish Department of Foreign Affairs confirmed that €3 million of the total funding will be directed toward educational initiatives, specifically to support the schooling of children in Palestine. In addition, €700,000 will be allocated to human rights organizations, and €300,000 will be used to assist public services and families in need. In a statement released on Friday, Simon Harris, Ireland's Deputy Prime Minister and Minister for Foreign Affairs, emphasized the critical role of education in Ireland's longstanding partnership with Palestine. He highlighted that the funding would also support the United Nations Relief and Works Agency (UNRWA), which is providing remote education to around 300,000 children in Gaza, where schools have faced severe disruptions due to the ongoing conflict. "The provision of education remains a cornerstone of our commitment to Palestine, and we continue to support UNRWA's vital work in ensuring that Palestinian children receive an education despite the challenging circumstances they face," Harris said. The announcement of this aid comes at a time of heightened international focus on the situation in Palestine, as diplomatic efforts intensify to address the ongoing conflict. Harris also remarked that the coming days represent a "critical opportunity" to achieve a ceasefire and end the ongoing violence. He called on all parties to make every effort to reach a peace agreement that would halt the suffering and bring an end to the war. This move by Ireland underscores the country's commitment to providing humanitarian assistance and supporting key sectors such as education and human rights in regions affected by conflict. Ireland has been a consistent advocate for Palestinian rights on the international stage and continues to contribute to peacebuilding efforts in the region. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News Flights suspended at Port Sudan Airport after Drone Attacks News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
See - Sada Elbalad
7 hours ago
- See - Sada Elbalad
BRICS Nations Surpass $60 Trillion in Assets, Russian Minister
Taarek Refaat Russian Finance Minister Anton Siluanov announced that the total financial assets of BRICS nations have now exceeded $60 trillion, underscoring the bloc's expanding economic footprint and growing influence on global financial architecture. Speaking during a meeting of the Board of Governors of the New Development Bank (NDB)—the financial arm of BRICS—Siluanov emphasized the bank's evolving role as a key driver of investment across both BRICS member states and the broader Global South. "This year marks a decade since the establishment of the New Development Bank, which has become the principal financial instrument for funding development projects not only within BRICS countries but also across the Global South,' Siluanov said, according to the Russian state-run news agency TASS. Siluanov highlighted the demographic and economic significance of developing nations, noting that countries in the Global South collectively account for nearly 70% of the world's population and contribute about 60% of global GDP. He added that the financial assets of these nations now represent more than half of global total assets, exceeding $60 trillion. 'These figures reflect a profound shift in global economic power,' the minister stated, adding that the NDB plays a pivotal role in channeling capital toward emerging market priorities, especially infrastructure development. The Russian finance chief called for a new approach to mobilizing long-term, sustainable capital, stressing the need to modernize investment mechanisms. This, he said, could include expanding the use of digital financial assets to enhance capital flows and project financing. Siluanov's remarks come as BRICS—comprising Brazil, Russia, India, China, South Africa, and newly admitted members—seeks to deepen financial cooperation and promote alternatives to traditional Western-led financial institutions like the IMF and World Bank. As global economic dynamics shift, the BRICS bloc is positioning itself as a counterbalance to Western financial dominance, advocating for greater representation of developing economies in global governance, and investing in infrastructure as a pathway to sustainable development. The New Development Bank, headquartered in Shanghai, has financed dozens of projects since its inception in 2015, ranging from transportation and energy infrastructure to water and sanitation initiatives. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News Flights suspended at Port Sudan Airport after Drone Attacks News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
