Egypt's Gold Jewelry Purchases Drop 17% in Q2 2025
Egyptian demand for gold jewelry saw a notable decline in the second quarter of 2025, falling by 17% compared to the same period last year, according to a report released Thursday by the World Gold Council.
The report stated that Egyptians purchased approximately 5.7 tonnes of gold jewelry in Q2 2025, down from 6.8 tonnes in Q2 2024, and lower than the 6.4 tonnes recorded in the first quarter of this year.
Saeed Imbaby, Executive Director of the "iSagha" platform, attributed the drop to a surge in resale activity as individuals capitalized on high gold prices to lock in profits. Speaking to the 'Ayar 24' news outlet, Imbaby explained that the record-breaking global gold prices, coupled with the local exchange rate surpassing 50 Egyptian pounds per US dollar, contributed to weakened consumer demand.
He noted that gold purchases in Egypt have become more necessity-driven — such as for weddings — or come from investors shifting away from sectors like real estate. These investors aim to temporarily preserve capital in gold, intending to sell within six to twelve months.
This domestic decline comes in contrast with the broader global trend. The World Gold Council reported an increase in global demand for gold in Q2 2025, driven by strong investment demand, despite a drop in central bank purchases.
According to the report, total global demand for gold — including over-the-counter (OTC) trading — reached 1,248.8 tonnes during the second quarter, marking a 3% year-on-year increase. Investment demand surged by 78%, supporting the overall growth.
Conversely, central bank gold purchases declined significantly, totaling 166.5 tonnes in Q2 — about one-third less than in Q1. This pushed total central bank acquisitions in the first half of the year to their lowest level since 2022.
Jewelry consumption globally also declined by 14%, falling to 341.0 tonnes — the lowest level since Q3 2020.
Commenting on these developments, John Reade, Chief Market Strategist at the World Gold Council, said that rapid price increases reduced the incentive for some central banks to continue buying. He added that the sharp gains raised concerns among investors about potential future price corrections, which in turn dampened demand.
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
Arts & Culture
"Jurassic World Rebirth" Gets Streaming Date
News
China Launches Largest Ever Aircraft Carrier
News
Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia
Videos & Features
Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall
Business
Egyptian Pound Undervalued by 30%, Says Goldman Sachs
Lifestyle
Get to Know 2025 Eid Al Adha Prayer Times in Egypt
Arts & Culture
South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle
Arts & Culture
Lebanese Media: Fayrouz Collapses after Death of Ziad Rahbani
Sports
Get to Know 2025 WWE Evolution Results
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
See - Sada Elbalad
an hour ago
- See - Sada Elbalad
MFA, FRA Sign Protocol within Framework of "Your Insurance in Egypt" initiative for Expatriates
Taarek Refaat Egypt has taken a significant step toward strengthening social protection for its expatriate citizens with the signing of a new cooperation protocol between the Ministry of Foreign Affairs and Emigration and the Financial Regulatory Authority (FRA) as part of the nationwide initiative "Your Insurance in Egypt". The agreement was signed on Sunday by Ambassador Nabil Habashi, Deputy Minister of Foreign Affairs and Emigration, and Dr. Islam Azzam, Deputy Chairman of the FRA, in the presence of Badr Abdel Ati, Minister of Foreign Affairs, and Mohamed Farid, Chairman of the FRA. The protocol aims to integrate Egyptians working abroad and their families into the national social protection system by enhancing the personal accident insurance policy. The revamped policy increases the compensation ceiling for death or total permanent disability to EGP 250,000, up from EGP 100,000, and will come into effect starting July 2025. This development marks a strategic shift in the government's approach to diaspora engagement, offering a broader and more inclusive insurance net. The coverage, previously limited to those holding official work permits under Law No. 173 of 1958, will now extend to all Egyptians working abroad and their families, regardless of permit status. The insurance policy will be administered by the Egyptian Travel Insurance Pool, which will oversee the expanded coverage structure. Egyptians abroad can subscribe to the policy via the pool's official website, mobile app, and WhatsApp, facilitating easier access to services and supporting efforts to boost insurance inclusion. Key benefits of the revised policy include: Coverage in the event of natural or accidental death while abroad. Compensation for total permanent disability resulting from accidents. Full coverage of actual costs for repatriating remains, up to a maximum of EGP 250,000. Equivalent compensation if burial occurs abroad, based on the average cost of body repatriation paid that year. Funds distributed to legal heirs, in the event of accidental death, after submitting required documentation. Eligibility is restricted to individuals aged 18 to 70 at the time of the insured incident. Officials emphasized that this cooperation reflects the state's ongoing commitment to provide comprehensive protection for Egyptians worldwide, aligning with broader efforts to promote financial inclusion, insurance accessibility, and social cohesion. "This initiative is not just an insurance policy; it's a declaration of responsibility to Egyptians wherever they are," said one senior official involved in the agreement. 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 Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs 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 Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Arts & Culture Lebanese Media: Fayrouz Collapses after Death of Ziad Rahbani Sports Get to Know 2025 WWE Evolution Results
See - Sada Elbalad
2 hours ago
- See - Sada Elbalad
Egypt Officially Raises Public Sector Minimum Wages
Taarek Refaat Egypt's Official Gazette has published Decree, signed by Prime Minister Mostafa Madbouly, introducing amendments to the public sector minimum wage framework effective July 1, 2025. The decree updates key provisions of the 2019 wage legislation to reflect new wage thresholds for government employees and workers at public economic authorities. The move comes amid broader economic reforms and cost-of-living concerns, with the government seeking to bolster real incomes across all employment grades in the public sector. New Minimum Monthly Wage: Exceptional 13,500 High 11,250 General Manager 10,250 First Grade 8,500 Second Grade 8,000 Third Grade 7,750 Fourth Grade 7,000 Fifth Grade 7,250 Sixth Grade 7,000 The decree also introduces an updated mechanism for a "complementary wage incentive", ensuring that any employee whose total income falls below the minimum wage threshold for their grade will receive a top-up. The calculation will exclude certain special allowances such as remote-area bonuses, risk allowances, or non-cash benefits, while regular bonuses and collective financial advantages will be averaged into the monthly wage for assessment. This incentive system aims to harmonize wage fairness across ministries and public entities while maintaining eligibility conditions aligned with the Civil Service Law and other relevant public finance legislation. The amendments were adopted following Cabinet approval and a comprehensive legal review, as referenced in the decree's legal preamble, which cites Egypt's Unified Public Finance Law and recent Law, which governs public sector bonuses and incentives. The Egyptian government has incrementally raised the minimum wage in recent years as inflationary pressures and currency fluctuations have affected purchasing power. The current adjustment follows multiple prior increases, with the most recent benchmark set in 2024 at EGP 10,000 for many categories. As of July 20, 2025, more than 3.5 million public sector employees are expected to benefit from the new wage structure, including those in administrative bodies, service agencies, and economic authorities. 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 Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs 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 Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Arts & Culture Lebanese Media: Fayrouz Collapses after Death of Ziad Rahbani Sports Get to Know 2025 WWE Evolution Results
See - Sada Elbalad
2 hours ago
- See - Sada Elbalad
Pakistan Sends 100 Tons of Aid to Gaza
Israa Farhan Pakistan has dispatched a new humanitarian aid flight carrying 100 tons of relief supplies to Gaza, underscoring its continued support for the Palestinian people amid the ongoing crisis. The flight departed from Islamabad International Airport on Sunday evening after all logistical arrangements were completed to ensure the safe and efficient delivery of the cargo. The aid shipment, which includes essential food supplies and medicines, is being flown to Amman, Jordan, from where it will be transferred to Gaza by air. Local media reported that Deputy Prime Minister Ishaq Dar and Chairman of the National Disaster Management Authority (NDMA), General Inam Haider Malik, attended the official send-off ceremony for the aid flight. This delivery is part of a larger humanitarian operation coordinated by the NDMA, which has pledged a total of 200 tons of aid for Gaza in this phase. With this latest consignment, Pakistan's overall contribution to Gaza now stands at 1,715 tons. The initiative, launched under the direction of Prime Minister Shehbaz Sharif, reaffirms Pakistan's unwavering commitment to supporting the Palestinian people during this period of hardship. The government has reiterated that these efforts are part of Pakistan's long-standing solidarity with the people of Gaza and its humanitarian duty in times of conflict and crisis. 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 Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs 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 Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Arts & Culture Lebanese Media: Fayrouz Collapses after Death of Ziad Rahbani Sports Get to Know 2025 WWE Evolution Results
