Gold prices drops in Egypt's local market: iSagha
Gold prices in Egypt's local markets fell by 2.9% during the week ending Saturday, while global gold prices declined by 2.3% over the week ending Friday, driven by a stronger US dollar and signs of easing trade tensions between the United States and China, according to a report from the iSagha platform.
Said Embaby, CEO of iSagha, an online platform for gold and jewelry trading, stated that the price of 21-karat gold dropped by EGP 140 over the week, opening at EGP 4,775 per gram and closing at EGP 4,635. On the global level, gold prices fell by $78 per ounce, from $3,319 to $3,241.
Embaby noted that 24k gold reached EGP 5,297 per gram, 18k gold stood at EGP 3,973, while 14k gold was priced at EGP 3,090 per gram. Meanwhile, the price of a gold pound declined to EGP 37,080.
He highlighted that since peaking at EGP 5,000 per gram on April 22, local gold prices have dropped by EGP 365. Embaby advised against purchasing gold during sharp and consecutive price increases, urging buyers to wait for market stability to avoid losses. He emphasized that more favorable buying and selling opportunities arise during periods of relative calm.
According to Embaby, gold sales in Egypt had improved noticeably in recent weeks amid rising prices, as many citizens rushed to buy out of fear of missing out on further increases—a move that could either result in short-term gains or eventual losses if prices retreat.
On the global stage, gold prices were weighed down by profit-taking activity and signs of progress in US-China trade relations. Recent US employment data released on Friday also contributed to the decline, prompting investors to lock in profits. China revealed it is considering a US proposal to resume trade talks, marking what could be a significant step toward resolving the prolonged trade dispute between the world's two largest economies.
Analysts suggest that recent economic indicators might encourage the US Federal Reserve to consider a rate cut during its upcoming meeting on Wednesday, May 7. However, the Fed has so far maintained a neutral stance, citing a resilient labor market and ongoing inflation risks.
Gold prices have dropped more than 7% since their peak of $3,500 per ounce on April 22. Nevertheless, prices remain up roughly 24% year-to-date, supported by lingering economic uncertainty and volatility in US politics.
© 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).
Daily News Egypt
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
3 hours ago
- The National
Oil heading for weekly gain amid optimism over US-China tariff talks
Oil prices were up on Friday and were heading for their first weekly gain in three weeks amid hopes for a US-China deal on tariffs. Brent, the benchmark for two thirds of the world's oil, was up 0.11 per cent at $65.41 a barrel at 2.49pm UAE time. West Texas Intermediate, the gauge that tracks US crude, added 0.05 per cent to $63.40 per barrel. Both Brent and WTI, which reversed earlier losses on Friday, are on pace for a 4.2 per cent weekly gain. For the year, they are down about 12 per cent. Crude futures posted modest gains on Thursday, but the market became more optimistic after a phone call between US President Donald Trump and China's Xi Jinping, who agreed to resume negotiations on trade and tariffs. The US and China are the two main protagonists in the global trade war, imposing tit-for-tat levies on each other's imports. However, they agreed to a detente on May 12, with Washington lowering its 145 per cent tariffs on Chinese imports to 30 per cent, while Beijing dialled down its own levies from 125 per cent to 10 per cent. The call between the two leaders, a sign of progress in their countries' negotiations, 'prompt[ed] relief after a recent escalation in tensions', analysts at Vanda Insights said. Crude prices took a hit after Mr Trump's sweeping global tariffs announced on April 2 disrupted stock markets and reignited fears of a global recession. However, with many of the tariffs temporarily paused and the US seeking deals with its partners, the uncertainty has reduced. A positive sign for oil prices is the decline in US oil inventories, indicating demand for the commodity remains strong. At the moment, market fundamentals seem to remain balanced, especially after Opec+ last month agreed to increase its monthly oil output at 411,000 barrels per day for July, the same as in May and June, analysts at Fitch unit BMI said. The decision was 'in view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories', the group said. Opec+ noted that gradual increases may be paused or reversed 'subject to evolving market conditions' and 'flexibility will allow the group to continue to support oil market stability'. Analysts say the move by Opec+ may be a gesture to mollify Mr Trump, who has called for lower crude prices. BMI analysts, however, cautioned that any slower economic growth later in 2025 'will see markets tip into oversupply'. They also expect a similar production rise for August, 'should market conditions and prices remain steady'. 'But both weaker demand for oil and increased production from both Opec+ and non-Opec producers will add to downside price pressures in the coming quarters,' BMI said. Upstream oil investments are projected to be under $570 billion in 2025, which would be a 6 per cent decline, marking the first annual drop since the Covid-induced slide in 2020 and the largest since 2016, the International Energy Agency said on Thursday. The decrease is being attributed to lower oil prices and demand expectations, amid economic uncertainties, the Paris-based IEA said.
Fintech News ME
5 hours ago
- Fintech News ME
Egypt Launches Standardised Reporting Framework for Startups and Investors
Egypt's Micro, Small and Medium Enterprise Development Agency (MSMEDA), backed by World Bank, has collaborated with several venture capital firms and the US-based platform to introduce a standardised portfolio reporting framework for startups and investors across the country. Led by Foundation Ventures, the initiative includes participation from Algebra Ventures, Sawari Ventures, Shorooq Partners, Endure Capital, Camel Ventures, DenVC, LoftyInc Capital, DisrupTech Ventures, and the Climate Resilient Africa Fund. The aim is to establish common metrics, reporting timelines, and formats, addressing the longstanding issue of inconsistent data practices within Egypt's startup ecosystem. Although Egypt's startup scene has expanded significantly in recent years, inconsistent reporting standards remain a key challenge. Startups frequently contend with producing varied reports to meet different investor requirements, while venture capital firms face difficulties in assessing portfolio performance due to the absence of unified benchmarks. The initiative seeks to simplify reporting processes for both general partners (GPs) and portfolio companies through a centralised data platform designed to enhance transparency, reliability, and operational efficiency. 'We are excited about enhancing Egypt's investment attractiveness by providing the necessary transparency to encourage foreign direct investment,' said Mazen Nadim, Managing Partner at Foundation Ventures. Following a competitive selection process, was chosen to develop and operate the platform. The company is working in partnership with Egyptian GPs to tailor the system to local requirements and workflows. The platform is expected to be fully implemented by the end of the second quarter of 2025, with the first comprehensive ecosystem report anticipated by mid-2026. By introducing a unified reporting framework, the effort is expected to ease administrative burdens for startups, provide greater clarity for investors, and strengthen Egypt's position as a destination for regional and international venture capital.
Zawya
6 hours ago
- Zawya
Inviting the World to Explore Hainan, Overseas Tour Operators Hainan Tour 2025 Will Kick Off Soon
SANYA, CHINA - Media OutReach Newswire - 6 June 2025 - At this pivotal moment when Hainan steadily advances its special customs operations and turns itself into an international tourism and consumption destination, the Overseas Tour Operators Hainan Tour 2025, jointly organized by the Department of Tourism, Culture, Radio, Television and Sports of Hainan Province, the People's Government of Sanya City, and China Tourism Group Travel Service Co., Ltd., will grandly open in the picturesque city of Sanya from June 7th to 10th, 2025. The successful hosting of the inaugural Overseas Tour Operators Hainan Tour 2024 garnered high recognition and widespread acclaim from both domestic and international tourism sectors. Now, the second edition, themed Travel to Meet the World, is set to begin. We sincerely invite tour operators from around the globe to join us in charting the future of Hainan's tourism development. Elite Gathering: Welcoming Global Guests to Hainan This event not only aims to showcase Hainan's scenic landscapes, rich cultural heritages, and high-quality tourism services but also deepen international tourism cooperation and enhance its global reputation as a premier travel destination. A total of 450 distinguished tour operators from around the world have been invited, along with prominent figures from international tourism organizations and domestic industry associations, as well as representatives from airlines, hotel groups, cruise companies, and media outlets—making this an event of unprecedented scale. Together, they will witness Hainan's transformation into an international tourism and consumption destination, explore new opportunities for inbound tourism development, and drive Hainan's tourism industry toward greater internationalization. Splendid Activities: Experienc ing Hainan's Cultural Heritage s The Night of Hainan Tourism Promotional Event to be held on the evening of June 7th, will feature an immersive themed performance and a promotional banquet, offering guests the chance to savor Hainan's cuisine while experiencing its cultural charm. There will be a dazzling array of artistic and intangible cultural heritage performances on site, showcasing Hainan's profound cultural legacy. The event will also introduce key information about Hainan's direct inbound flight routes and the 59-country visa-free entry policy, providing global travelers with more convenient travel options and demonstrating Hainan's openness and inclusiveness. In-Depth Dialogues: Co-charting the Future of Tourism Development On the opening day, June 8, the organizers will bring together guests from the tourism and cultural sectors through a series of promotional activities and parallel dialogues focused on Hainan tourism. These sessions will offer industry professionals in Hainan the latest policy updates and market insights, helping tour operators better understand how Hainan compares to other world-famous island destinations and explore the province's new measures for boosting inbound tourism. More than just an exchange of ideas, the event is set to spark new thinking and fresh perspectives for the global tourism industry—demonstrating Hainan's strategic vision and forward-thinking approach to tourism development. Networking Event s: Facilitating In-Depth Industry Cooperation During the event, a one-on-one negotiation area will be set up to facilitate face-to-face exchanges and cooperation between overseas tour operators and Hainan's various cities and counties, along with their scenic spots, hotels, travel agencies, and other tourism-related enterprises. This session will promote and showcase local tourism cultures, intangible cultural heritages, tourism products, specialties, and cultural and creative products. It aims to foster deeper cooperation between Chinese and international tour operators, expedite the internationalization of Hainan's tourism industry, and contribute to the further expansion and upgrading of Hainan's tourism market. Omnimedia Promotion: Showcasing Hainan's International Charm To maximize the event's visibility and impact, the organizers will conduct omnimedia coverage, including traditional mainstream media, new media, and OTA platforms, during the pre-heating, ongoing, and extension periods. Through thoughtfully curated site visits, the event's highlights and key features will be shared with global audiences, further enhancing Hainan's international reputation and influence and showcasing its appeal as a world-class Free Trade Port. The Overseas Tour Operators Hainan Tour 2025 is not just a major event for the tourism industry—it's also a chance for Hainan to engage in in-depth dialogue with the world. Let's look forward to this grand occasion and start witnessing the new chapter in Hainan's tourism landscape today! Hashtag: #HAINAN The issuer is solely responsible for the content of this announcement. Department of Tourism, Culture, Radio, Television and Sports of Hainan Province
