Gold Sweeps Markets, Reaching New Highs Locally ,Globally
Gold prices rose in local markets during trading on Monday, with the ounce on the global stock exchange reaching a new record high. This was driven by increased demand due to the weak US dollar and fears of a global economic slowdown amid escalating trade tensions between the United States and China.
Gold prices rose by EGP 90 during today's trading, compared to the closing price of the week last Saturday evening. The price of a gram of 21-karat gold reached EGP 4,875, while an ounce rose by $78 to $3,405.
A gram of 24-karat gold reached EGP 5,572, a gram of 18-karat gold reached EGP 4,179, while a gram of 14-karat gold reached approximately EGP 3,250, and the gold pound reached approximately EGP 39,000.
According to the weekly report of the "iSaaga" platform, gold prices in local markets rose by 2.6%, or EGP 120, during last week's trading. A gram of 21-karat gold opened at EGP 4,665, touching EGP 4,800, its highest level ever, and closing at EGP 4,785. Meanwhile, an ounce rose by 2.7%, or $89, opening at $3,238, touching $3,358, its highest level ever, and closing at $3,327.
Gold prices in local markets recorded their highest levels ever, with the ounce rising on the global stock exchange to a record high of $3,405. This increase in demand stemmed from the decline of the dollar and concerns about a slowing global economy amid escalating trade tensions between the United States and China.
The Federal Reserve's independence is under threat, weakening the dollar's strength and causing it to fall to a three-year low, as US President Donald Trump considers firing Federal Reserve Chairman Jerome Powell.
US President Trump criticized Powell for not cutting interest rates, despite significant declines in commodity and oil prices. "The Federal Reserve should be cutting interest rates for the American people. That's the only thing he's good at," Trump said on Friday.
He added, "I'm not happy with him. If I wanted to fire him, I'd be fired quickly, believe me."
Meanwhile, White House economic advisor Kevin Hassett confirmed that the president and his team are exploring ways to remove Powell. "The president and his team will continue to study this issue," Hassett said on Friday.
US President Donald Trump's sweeping tariffs, coupled with the uncertainty surrounding his trade policies, have turbulent global markets and clouded the economic outlook for the world's largest economy, prompting investors to withdraw from US assets. Gold prices in local markets have risen by EGP 1,135, or 30%, since the beginning of the year. The price of a gram of 21-karat gold opened the year at EGP 3,740 and closed the week at EGP 4,875. Meanwhile, the price of an ounce on the global stock exchange has risen by approximately $781, or 30%, since the beginning of the year. Trading opened at $2,624 and closed last week at $3,405, according to data from the iSaaga platform. In a related development, markets are awaiting preliminary purchasing managers' index (PMI) data, the durable goods report, and the final consumer confidence index data during this week's trading, along with statements from some members of the US Federal Reserve, for clearer indications about the future of US monetary policy in the coming period.
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
Lifestyle
Pistachio and Raspberry Cheesecake Domes Recipe
News
Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content
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)
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
Sports
Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
See - Sada Elbalad
2 hours ago
- See - Sada Elbalad
Fed Minutes Reveal Inflation Risks Outweigh Labor Market Concerns Amid Trade Tariff Pressures
Taarek Refaat The latest Federal Reserve meeting minutes, released Wednesday, indicate that a majority of policymakers remain more concerned about inflation than about labor market softness, as the U.S. central bank grapples with economic uncertainty exacerbated by President Donald Trump's renewed trade tariffs. During the July 29–30 Federal Open Market Committee (FOMC) meeting, most participants agreed that inflation risks outweigh employment concerns, despite acknowledging ongoing weaknesses in hiring and wage growth. 'The majority of participants judged that the risks to inflation were the most significant among the current economic threats,' the minutes read. While the Fed voted for the fifth consecutive time to hold interest rates steady at 4.25%–4.5%, internal divisions over how to respond to recent trade developments became increasingly pronounced. The renewed tariff measures imposed by President Trump, aimed at major trading partners like China and India, have rekindled inflationary pressures, particularly in consumer goods and industrial inputs. Fed Chair Jerome Powell acknowledged during his post-meeting press conference that while the inflationary impact of tariffs could prove temporary, the central bank must remain vigilant against the risk of long-term inflationary expectations becoming unanchored. 'The experience of inflation exceeding 2% for an extended period has heightened the risk of sustained inflation expectations if elevated tariffs persist,' the minutes noted. Producer Price Index (PPI) registered its sharpest increase in three years, signaling that businesses are beginning to pass input cost increases to consumers. Meanwhile, revised payroll data showed job growth slowing to its weakest pace since the pandemic, with unemployment rising to 4.2% by the end of July. This divergence sparked dissent within the Fed. Board members Christopher Waller and Michelle Bowman reportedly advocated for a 25-basis-point rate cut during the July meeting—highlighting the growing internal rift. The minutes arrive just two days before Jerome Powell's highly anticipated speech at the Jackson Hole symposium, a key annual event often used to signal shifts in monetary policy direction. Investors are expected to closely scrutinize Powell's tone, particularly after Trump renewed his calls for rate cuts, intensifying pressure on the central bank. Treasury Secretary Scott Besant also echoed those calls last week, urging the Fed to cut rates by 50 basis points at the September meeting. 'The Fed must act decisively,' Besant told CNBC. 'The tariffs are causing short-term pain that could be mitigated through proactive monetary easing.' Tensions between the White House and the Fed escalated further after Trump demanded the resignation of Fed Governor Lisa Cook, citing alleged mortgage-related misconduct. The move followed previous attacks on Powell himself and heightened speculation over who Trump might appoint as Fed chair when Powell's term ends in May 2026. Beyond inflation and employment, the minutes show that several officials raised concerns about asset price overvaluation, warning that stretched valuations in equities and housing markets could pose financial stability risks if left unchecked. With the next FOMC meeting scheduled for mid-September, policymakers will review another round of jobs data and inflation indicators before deciding whether to pivot toward rate cuts—a move that could mark a dramatic shift in the Fed's 2025 policy trajectory. 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 Videos & Features Story behind Trending Jessica Radcliffe Death Video 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 Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt News The Jessica Radcliffe Orca Attack? 100% Fake and AI-Generated
See - Sada Elbalad
3 hours ago
- See - Sada Elbalad
Egyptian Railways Operates Sixth Special Train for Voluntary Repatriation of Sudanese
Taarek Refaat The Egyptian National Railways (ENR) has launched its sixth special train to facilitate the voluntary return of Sudanese nationals residing in Egypt, in coordination with the directives of Vice Prime Minister for Industrial Development and Minister of Industry and Transport Kamel El-Wazir. In an official statement released Wednesday, ENR confirmed that train No. 1940 departed Ramses Station in Cairo this morning, heading to Aswan's High Dam Station, carrying hundreds of Sudanese families. The operation is part of Egypt's humanitarian commitment to support the Sudanese people amidst ongoing instability in Sudan. ENR highlighted that comprehensive logistical and humanitarian measures were put in place to ensure a safe and dignified journey, especially for elderly passengers and vulnerable groups. The initiative reflects the historic and people-to-people ties between Egypt and Sudan, and aligns with Egypt's broader regional role in promoting stability and integration. Sudanese passengers expressed deep gratitude to the Egyptian leadership and people for their ongoing support. Many praised the well-organized process and Egypt's consistent position as a pillar of stability in the region, emphasizing the country's role as a steadfast ally in times of crisis. The special train is scheduled to arrive at Aswan's High Dam Station at 11:10 PM tonight. It will then return as train No. 1945 (air-conditioned third class), departing from Aswan at 8:30 PM on Thursday, August 21, and arriving back in Cairo at 9:25 AM the following day. With the operation of this sixth train, a total of 5,728 Sudanese nationals have now been transported via ENR's special repatriation service. This includes: 940 passengers per train for the first five journeys, and 1,028 passengers aboard the sixth train 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 Videos & Features Story behind Trending Jessica Radcliffe Death Video 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 Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt News The Jessica Radcliffe Orca Attack? 100% Fake and AI-Generated
Daily News Egypt
5 hours ago
- Daily News Egypt
CBE's net foreign assets climb to $10.5bn in July 2025
The Central Bank of Egypt (CBE) announced that its net foreign assets (NFA) rose to $10.491bn (EGP 511.211bn) in July 2025, up from $10.1bn (EGP 499.628bn) in June. Net foreign assets at the CBE are widely viewed as a key indicator of banking sector stability and resilience, representing the balance between the Bank's foreign currency assets and its liabilities. Following the fourth wave of currency liberalisation in March 2024, the consolidated net foreign assets position of Egyptian banks—including the CBE—moved into surplus by about $14.29bn in May 2024. This marked a sharp turnaround from a deficit of nearly $29bn in January 2024, prior to the CBE's reform measures and the foreign inflows linked to the Ras El Hekma development deal. Separately, a CBE report revealed that reserve money expanded to EGP 2.516trn in July 2025, compared with EGP 2.320trn in June. The Bank noted that currency in circulation outside its vaults stood at EGP 1.516trn in July, slightly up from EGP 1.507trn a month earlier. Meanwhile, local currency deposits held by banks with the CBE surged to EGP 999.950bn in July, from EGP 813.817bn in June.
