Silver Prices Rise 2.3% in Egyptian Market
Taarek Refaat
Silver prices in Egypt saw a significant increase by 2.3% during last week's trading, coinciding with a 3% increase per ounce on the global stock exchange, amid geopolitical and economic uncertainty, according to a report issued by the Safe Haven Hub.
The report added that the price of a gram of 800 silver rose by one Egyptian pound during last week's trading, opening at EGP 44 and closing at EGP 45.
The price of a gram of 999 fine silver reached approximately EGP 56, while the price of a gram of 925 sterling silver reached approximately EGP 52, and the price of a pound reached EGP 416.
International Silver Prices:
The price of an ounce on the global stock exchange saw a slight decrease of one dollar, opening the week at $33 and closing at $34.
Despite silver hitting a five-month high, it fell to $34 at the close of trading on Friday, after touching $34.58 before retreating due to profit-taking.
Silver remains the only precious metal trading below its all-time high of 1980, raising speculation about price manipulation to keep it low. This is despite several factors supporting silver's rise, such as rising inflation, increased physical demand, a supply shortage, and the massive rise in gold prices.
In light of these facts, a group of investors launched an online campaign on social media platforms, particularly X, under the name "Silver Squeeze 2.0," calling for a mass purchase of silver on March 31st.
The campaign aims to challenge the paper market, which some describe as "manipulated." This campaign is similar to the actions led by Reddit investors in 2021, which led to significant increases in silver prices.
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
Egypt confirms denial of airspace access to US B-52 bombers
News
Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia
News
Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content
Lifestyle
Pistachio and Raspberry Cheesecake Domes Recipe
Arts & Culture
Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized
Videos & Features
Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO)
News
Israeli PM Diagnosed with Stage 3 Prostate Cancer
Lifestyle
Maguy Farah Reveals 2025 Expectations for Pisces
News
Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies
Sports
Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Egypt Today
2 hours ago
- Egypt Today
India plans to import fruits, fertilizers, manufactured goods from Egypt: Indian ambassador.
Indian ambassador Suresh K. Reddy CAIRO - 9 June 2025: India looks forward to boosting Egyptian exports to the Indian market, including citrus fruits, lemons, fertilizers, manufactured goods, and many other products, ambassador Suresh K. Reddy said Sunday. In an interview with Cairo News T.V. Channel, the Indian ambassador to Cairo said India has already invested more than $4 billion in Egypt, and Indian companies have contributed to creating more than 38,000 job opportunities. Reddy highlighted that India has become the fourth largest economy in the world and is working on major renewable energy projects. Once completed, Indian investments in Egypt are expected to increase by an additional $10 billion.
Middle East
8 hours ago
- Middle East
OPEN// Egypt, Nigeria FMs discuss economic ties and African security
CAIRO, June 7 (MENA) – Foreign Affairs, Emigration and Expatriates Minister Badr Abdelatty praised the strong ties and historical relationship between Egypt and Nigeria, highlighting a shared commitment to building on existing opportunities to advance cooperation—particularly in economic, trade, and investment sectors, with a focus on agriculture. During a phone call on Saturday with Nigerian Foreign Minister Yusuf Tuggar, Abdelatty pointed to the significant presence of Egyptian companies across Africa and voiced interest in exploring new joint investment opportunities that offer mutual benefit. The two ministers exchanged views on developments across the African continent and discussed ways to deepen cooperation and coordinate positions within the African Union to strengthen peace and security—especially in the Sahel region. Abdelatty reaffirmed Egypt's readiness to support efforts to counter terrorism and extremism in light of security threats in the Sahel. He also emphasized Egypt's commitment to supporting Nigeria through capacity-building programs, including cooperation with Al-Azhar in combating extremist ideologies. The conversation also included an exchange of perspectives on Middle East developments, particularly the situation in Gaza. Abdelatty briefed his Nigerian counterpart on Egypt's ongoing efforts to broker a ceasefire and ensure the delivery of humanitarian aid, while condemning Israel's continued violations of international law and international humanitarian law and its actions against Palestinian civilians, which he said run counter to global calls for an immediate end to the war and unimpeded humanitarian access. (MENA) R E E/
See - Sada Elbalad
10 hours ago
- See - Sada Elbalad
Palestinian Health Ministry: death toll from Israeli airstrikes on Gaza rose to 21 today
Basant Ahmed The Palestinian Ministry of Health announced that the death toll from Israeli airstrikes on the Gaza Strip has risen to 21 since dawn on Sunday. The Palestinian News Agency, WAFA, quoted the ministry as saying in a statement today, "Eight Palestinians were killed in the raids targeted Jabalia al-Balad, north of the Gaza Strip. Medical crews also recovered the bodies of two martyrs following the occupation's bombing of the Ma'an area, east of Khan Yunis." The United Nations Relief and Works Agency for Palestine Refugees (UNRWA) said yesterday that "the aid distribution model in the Gaza Strip is ineffective and amounts to inviting people to their deaths." read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan
