Gold Declines as US Trade Tariff Risks Decrease
Waleed Farouk
Gold prices fell in local markets during trading on Monday, with the ounce declining on the global stock exchange, affected by profit-taking and potential deals in Asia and other countries with the United States, which reduces the risk of tariffs.
Gold prices fell by EGP 25 during today's trading, compared to the end of the week. The price of 21-karat gold reached EGP 4,750 per gram, while the price of an ounce fell by $24 to $3,295.
The price of 24-karat gold reached EGP 5,429 per gram, the price of 18-karat gold reached EGP 4,071 per gram, and the price of 14-karat gold reached EGP 3,167 per gram, while the price of the gold pound reached EGP 38,000 per gram.
Gold prices in local markets fell by EGP 10 during last week's trading, with 21-karat gold opening at EGP 4,785, touching EGP 4,850, and closing at EGP 4,775. Meanwhile, the ounce fell by $8, opening at $3,327 and closing at $3,319.
Gold prices witnessed a significant decline amid profit-taking following televised remarks by US Treasury Secretary Scott Besant, indicating several trade deals with several Asian countries, which would reduce the risk of tariffs.
Besant said, "If there are 180 countries and 18 important trading partners, let's put China aside, because these are private negotiations. There are 17 important trading partners, and we have a working mechanism."
He added, "Some of these deals are going well, especially with Asian countries." Markets are under pressure due to conflicting signals from US-China trade talks. Despite Washington announcing a partial easing of tariffs and President Trump suggesting active negotiations, Beijing has denied any discussions are underway, keeping uncertainty high.
Economic data revealed that China's gold consumption fell 5.96% year-on-year to 290,492 tons in the first quarter, according to the China Gold Association.
Jewelry demand fell by nearly 27% amid persistently high prices, while demand for gold bars and coins rose by nearly 30%, providing limited compensation.
Despite the decline in demand, gold remains supported by ongoing geopolitical risks. Increasing instability, including reports of military movements in Eastern Europe, continues to boost demand for safe havens. Meanwhile, expectations of a Federal Reserve interest rate cut remain, with futures markets anticipating the first cut in June, with a 1% cut expected through 2025.
The Federal Open Market Committee is scheduled to issue its interest rate decision on May 7, and US data last week has already begun to show signs of a shift. Durable goods data, for example, revealed a significant shift in consumer confidence.
In a related development, markets are awaiting the release of the US JOLTS report for March, the first reading of GDP for the first quarter of 2025, the ISM manufacturing PMI, and April nonfarm payrolls figures.
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China has made continued efforts to advance the establishment of the China-Africa knowledge network for development and has held the symposium on the China-Africa knowledge network for development. China has also been working on establishing Chinese cultural centers in Mozambique and Kenya and the China-Africa research centers in Senegal and Morocco. Concerning parties are to establish a China-Africa publishing association by the end of this year in the principle of voluntary participation. The China-Africa-UNESCO dialogue on education and cultural heritage protection, the 14th Meeting of the China-Africa Think Tanks Forum, the Fourth Conference on Dialogue Between Chinese and African Civilization, and the China-Africa Consortium of Universities Exchange Mechanism Annual Conference were successfully held. 3. Continuously strengthening exchanges and cooperation on the rule of law. China has signed the Convention on the Establishment of the International Organization for Mediation with relevant African countries. The FOCAC Legal Forum (2025) and China-Africa Prosecutorial Cooperation Forum will be held in this July and October respectively. By the end of this year, the Chinese side will hold training courses of foreign assistance for legal and judicial professionals, and will invite judicial and administrative officials from relevant Africa countries to participate. Prosperity 4. China-Africa trade volume in 2024 reached US$295.6 billion, setting a new record high. The bilateral trade between January and March in 2025 registered US$72.6 billion, increasing by 2.7 percent year on year. The zero-tariff treatment for 100 percent tariff lines given to all LDCs having diplomatic relations with China has come to effect since December 1, 2024, increasing export from relevant countries into China. China has signed a framework agreement on economic partnership for shared development with more than 20 African countries, and is actively promoting modular negotiation. This marks a distinct contrast with the U.S. action of imposing tariff wars on all African countries. 5. Promoting more export of quality African products into China. China has provided Africa with trade financing of around RMB17.12 billion yuan to support Africa's export. A special area for African products was set at the Seventh China International Import Expo. 6. Expanding access for African products to China. China has signed 22 Protocols on Agricultural Exports to China with 18 African nations, and more than 2,400 food enterprises from 53 African countries and regions have registered in China. China has signed the Memorandums of Understanding on Technical Cooperation of Animal and Plant Quarantine with Zimbabwe, the Republic of the Congo, and Sao Tome and Principe, and the Memorandum on Customs Cooperation with Namibia. The mutual recognition of 'Authorized Economic Operators' between China and Burundi has come into effect. 7. Deepening cross-border e-commerce cooperation between China and Africa. A special session of online lectures on e-commerce for Africa was held, with 600 representatives from 10 African countries attending the event. The African Digital Trade Day was held during the 2024 Global Digital Trade Expo. Chain Cooperation 8. Supporting the development of local value chains, manufacturing industry, and deep mineral processing in Africa. China has by far signed the Agreements on Avoidance of Double Taxation with 21 African nations. Active progress has been made in the negotiation between Chinese enterprises, the Tanzania-Zambia Railway Authority and the governments of Tanzania and Zambia on signing agreements to revitalize the Tanzania-Zambia Railway. From the Beijing Summit to the end of March 2025, new investment from Chinese enterprises to Africa reached RMB13.38 billion yuan. 9. Pushing forward the pilot zone for the in-depth China-Africa economic and trade cooperation and holding the Fourth China-Africa Economic and Trade Expo. The Chinese side has been advancing the establishment of the Fund for In-Depth China-Africa Trade and Economic Cooperation, and has set up the China-Africa Trial Center of China International Economic and Trade Arbitration Commission. 10. Supporting the development of African SMEs. The Chinese side has provided loans worth of RMB2.08 billion yuan to about 350 SMEs from 19 industries, creating around 4,500 jobs. 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Actively advancing the logistics channels between the two sides. The Hunan-Guangdong-Africa sea-rail inter-modal train service has run 1,915 in total, with the annual number of trips exceeding 1,000 in 2024 for the first time. The scheduled all-cargo flight between Dar es Salaam and Guangzhou was officially launched, and the number of passenger flights between China and Africa has increased by 22 percent compared with pre-Summit level. The Agreement between the Government of the People's Republic of China and the Government of the Republic of Liberia on Maritime Transport has come into effect. 13. Continuously developing platforms and channels for financial connectivity. The Chinese side has provided African financial institutions with credit support worth of RMB11.16 billion yuan, and the African Export-Import Bank has issued a Panda Bond of RMB2.2 billion yuan. The China-Africa Development Fund and the China-Africa Capacity Cooperation Fund have newly invested about RMB3.2 billion yuan and RMB2.9 billion yuan in Africa respectively. Cooperation 14. Carrying out international development cooperation in various forms. China has continued to provide grant to the African side. China has been actively advancing nearly 600 'small and beautiful' projects, covering connectivity, poverty alleviation for the benefit of farmers, health, green development, digital economy, and people-to-people exchanges, benefiting almost all African nations. Positive progress has been made in multiple projects including the Stadium and Swimming Pool Project in the Comoros, the social housing project in Seychelles, the Improved Public Educational Service Facilities for Youth in Sierra Leone, the Youth Cultural Palace Project in Algeria, the Yaoundé Conference Center Technical Cooperation Project in Cameroon, the Project for the reconstruction of the Olympic Stadium in Menzah, Tunisia, the Project of Technical Assistance of the Presidential Palace and the National Stadium in Cabo Verde, the project of 500 social housing units in Djibouti, and the Multipurpose Building Construction Project for Gabon's Ministry of Foreign Affairs. China has provided urgent humanitarian aid to the Democratic Republic of the Congo, Sudan, and Mozambique, and supported Senegal in hosting the Dakar 2026 Summer Youth Olympic Games through assistance in stadium technical maintenance, goods and materials, and technologies. 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The Chinese side has also been advancing the building of Reproduction Health Center in Mali Hospital. Progress was made on three anti-malarial demonstration programs including the anti-malarial technical aid to Sao Tome and Principe, the Anti-Malarial Drugs Emergent Supplying Program and the 2nd Session of the Anti-Malarial Technical Cooperation Project of the Comoros. Trilateral cooperation on accelerating the eradication of malaria through the Global Development and South-South Cooperation Fund was carried out in Gambia. China has provided Mauritania with tents immersed in anti-malarial medicine, and implemented an urgent anti-malarial assistance project in Ethiopia. Cooperation on anti-malarial training and Traditional Chinese Medicine (TCM) treatment was carried out in the TCM centers of countries including Algeria, Tunisia, Madagascar, Ethiopia, Morocco, Zimbabwe and Mauritius. 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Expert teams were sent to Burkina Faso to help train 30 local technical professionals, and memorandums of understanding on cooperation on public health, parasitic diseases control and prevention and other fields were signed. The hospital ship Peace Ark visited 12 African nations to provide medical services. The Red Cross Society of China (RCSC), working with its cooperation partners, has implemented in Africa a free lunch project that covers 35 schools, helping 8,297 children return to school. The China Foundation for Rural Development has conducted the project of food delivery for children in the Democratic Republic of Congo, and built local kitchens benefiting 1,400 students. China cooperated with UNAIDS and other institutions to implement an HIV prevention and treatment campaign through the Global Development and South-South Cooperation Fund, and with UNICEF to carry out the project of early development service for children in Rwanda. VII. Agriculture and Livelihoods 21. Strengthening mutual exchange and sharing of agricultural techniques. China sent more than 200 agricultural experts to countries including Madagascar, Eritrea and Burundi, and provided assistance of material and expertise to the agricultural technology centers in Equatorial Guinea and other countries. Technical demonstration of green and effective production and processing of cassava started in the Republic of the Congo, Kenya, Nigeria and Ghana. Progress was made in the Juncao technological projects in Central Africa, Zimbabwe, Tanzania, South Sudan and other countries, and in the Sustainable Rice and Millet Food Systems Transformation in Gambia. China carried out the Poverty Alleviation and Agriculture Assistance in Red Sea State, Sudan with the UN Food and Agriculture Organization (FAO). China launched agricultural cooperation projects in Malawi and Namibia, and sent 16 agricultural experts to provide technical guidance. China worked with the FAO and the World Food Program (WFP) to carry out technical training on enhancing the value chain of cassava for African countries. 22. Implementing agricultural development cooperation projects. The China-aided Jamestown Fishing Port Complex in Ghana was completed. Progress was made in the China-aided Integrated Rice SAPZ Development Project in Sierra Leone, and a rural hydraulics project was launched in Togo. China supports Africa's agricultural mechanization and has provided Equatorial Guinea, Lesotho, Zambia and other countries with agricultural machines and tools. Emergency food aid of RMB210 million yuan was provided to nine African countries including Somalia. China cooperated with the International Fund for Agricultural Development (IFAD) on advancing agricultural development projects in Tanzania through the use of satellite digital technology. 23. Diversifying agricultural cooperation platforms. The meeting of the China-Sierra Leone Joint Committee on Fishery was held, and memorandums of understanding were signed on agricultural cooperation with Burundi and Côte d'Ivoire. The China-Africa Agricultural Science and Technology Innovation Alliance was established, and at the round table of the alliance, the China-Nigeria Joint Laboratory for Soil and Water Conservation and Agricultural Sustainable Development, the China-Rwanda Joint Laboratory for Crop Pest Sustainable Management, and the China-Burundi Joint Laboratory for Arthropod-Transmitted Animal Disease Prevention and Control and One Health were established. The China-Africa Cooperation Center for Perennial Rice Technology was set up. China helped build the China-Africa Juncao Cooperation Center and the China-Africa Bamboo Center. The 2024 FOCAC Africa-China Poverty Reduction and Development Conference was held. China attended the 7th International Exhibition of Agriculture and Animal Resources in Côte d'Ivoire as the guest of honor and held the China Day event. China has worked actively with agricultural science and education institutions of African countries to jointly advance the construction of the China-Africa Center for Tropical Agricultural Science and Technology. VIII. People-to-People Exchanges 24. China and Africa are preparing for a series of events of the Year of China-Africa People-to-People Exchanges and have issued the concept paper. 25. Advancing China-Africa cooperation on talent cultivation. China has helped train more than 10 thousand professionals of various areas for African nations, and plans to provide training programs for about 20 thousand people covering more than 100 professions in over 20 fields including connectivity, health, poverty alleviation for farmers, trade and investment, green development and digital economy in 2025. 26. Enhancing education cooperation. The 'Future of Africa' China-Africa Vocational Education Cooperation Plan was implemented. 33 educational institutions from 13 African nations joined the China-Africa Technical and Vocational Education and Training (TVET) Cooperation Consortium. The first China-Africa Regional Development Center for 'Chinese + TVET' was established, and the first China-Africa Regional Cooperation Center for Digital Education was set up. The Luban Workshops and schools were newly-built or upgraded in Benin and Rwanda, adding to a total of 17 Luban Workshops in 15 African nations. Under the China-Africa Universities 100 Cooperation Plan, 114 universities between the two sides have conducted exchanges and cooperation across various fields. Joint laboratories were launched between China and ten African countries including South Africa and Egypt. China has signed memorandums of understanding on educational cooperation with five African countries including Guinea-Bissau and Zimbabwe. The China-aided National Examinations and Competitions Center in the Republic of the Congo started construction. 27. Expanding people-to-people exchanges. Progress was made on 18 projects of people-to-people exchanges, including the Confucius Institute in the Republic of the Congo and the Culture Palace technical support project in Côte d'Ivoire. Training on culture and tourism was held, involving over 200 African professionals. China conducted a joint underwater archaeology project with South Africa. A total of 54 flagship events including 'Happy Spring Festival' and China-Africa Cultural Focus were held in African nations. The 2024 China-Africa Cultural Silk Road Exchange Month, China-Africa Culture and Tourism Exchange Conference, and 'Hello! China' tourism promotion were held. China hosted the third China-Africa Youth Innovation and Entrepreneurship Competition, and will host the fifth China-Africa Future Leaders' Dialogue and China-Africa Youth Innovation and Entrepreneurship Forum in July 2025, and the ninth China-Africa Youth Festival in September 2025. China attended the 39th edition of Tunis International Book Fair as guest of honor. 28. Enriching cooperation on press and media. The China-Africa Press Center Program was implemented, inviting journalists from 49 African countries including Angola and Niger to China. Over 100 media personnel from 23 African countries including Kenya, South Africa, and Burundi came to China for visits or assisted training programs. The two sides have enhanced cooperation on television and film production. The 'Reel Africa' film screening and salon event was held. China cooperated with Egypt, Ethiopia, the African Broadcasting Union as well as other countries and organizations on historical film restoration. China has handed over the Seychelles Broadcasting Center Project to the host country, and completed the maintenance of the Djoué Radio Station of the Republic of the Congo. The events of 'Seeing China' were held in Egypt, Ethiopia, etc. IX. Green Development 29. Enhancing practical cooperation on climate change, green development and in other key areas. From the Summit to the end of March 2025, the revenue of the contracted clean energy projects in Africa by Chinese enterprises reached RMB21.18 billion yuan. The Special Found for China-Africa Green Industrial Chain was founded, and seven projects with an investment of RMB6.2 billion yuan have been approved. Support was given to African nations with the implementation of the first batch of programs under the Kunming Biodiversity Fund. The China-Africa Green Envoys Program was implemented, uplifting the green skills and knowledge sharing of sustainable development of both sides. China has signed memorandums of understanding on green development with countries including Guinea-Bissau, Ethiopia and the Republic of the Congo, and implemented the Climate Information and Early Warning Systems (CIEWS) with the United Nations Development Programme (UNDP) in Seychelles, Madagascar and other countries. 30. Strengthening cooperation on marine and geology and mineral resources sectors. China has signed cooperation agreements and provided material assistance to countries including Benin, Togo, and Ghana, supporting them in enhancing capabilities of marine observation and monitoring. Geology officials and experts were invited to China for exchange and visits, and a total of 13 geoscience training programs were held for African countries, training over 400 participants. China has signed cooperation documents in earth science with Zambia, South Africa, and other countries. 31. Strengthening scientific cooperation. China signed an intergovernmental agreement on science and technology cooperation with Kenya. China hosted the second China-Africa BeiDou Navigation Satellite System (BDS) Cooperation Forum, issued the Joint Statement of the Second China-Africa BDS Cooperation Forum, and signed BDS cooperation documents with African countries. Construction of the China-Africa Cooperation Center on Satellite Remote Sensing Application was making progress. China provided emergency satellite imaging services for natural disasters preparedness in Nigeria, Ethiopia and other countries, and delivered satellite remote sensing data processing software for Cameroon. The China-South Africa jointly-built remote sensing satellite ground station was put into operation, and real-time satellite-to-ground quantum communication and 10,000-kilometer quantum key distribution was utilized in bilateral cooperation for the first time. A major achievement of scientific research between China and Kenya Flora of Kenya (Vol. 4) Orchidaceae was released. Construction started on the China-Zimbabwe BRI joint laboratory of agro-ecological environment and cash corp research. Training courses on digital transformation were held for Libya. China also held the China-Africa Innovation Cooperation and Development Forum, and will hold the China-Africa Forum on Peaceful Use of Nuclear Technology. X. Common Security 32. Building the Global Security Initiative (GSI) demonstration zone. China has signed memorandums of understanding of the GSI and conducted practical cooperation in areas of traditional and non-traditional security under the framework of the GSI with multiple African countries. The two sides are working to further strengthen their partnership for implementing the GSI, promote the Partnership Action for Common Security, and jointly safeguard and promote regional and global peace and stability. 33. Enhancing cooperation on peace and security. With the joint efforts of China, African countries and other members of the developing world, the 79th session of the United Nations General Assembly adopted in December, 2024 with a vast majority the resolution on Promoting International Cooperation on Peaceful Uses in the Context of International Security. Safe City projects in countries including Djibouti and Guinea were implemented, and construction started on the smart customs project of Côte d'Ivoire. 34. Strengthening communication on security issues. The first Military Education Seminar of the China-Africa Peace and Security Forum, the fourth Thematic Conference on Military Medicine under the Framework of China-Africa Peace and Security Forum, and the third Counter Terrorism Consultation between Ministries of Foreign Affairs of China and Egypt were held. The delegation of African young and middle-aged military officers visited China. 35. Strengthening police and military cooperation. China has worked with Ethiopia, Somalia and the African Union to implement the second batch of projects under the framework of the initiative to help Africa in demining. The China-aided military housing infrastructure project at the Army Peace Operations Training School in Ghana was completed and handed over. 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