Gold Division Head: Egypt's Rate Cut Won't Affect Local Gold Prices
H-Tayea
Ehab Wassef, head of the Gold and Precious Metals Division at the Federation of Egyptian Industries, said the Central Bank of Egypt's decision to cut interest rates by 100 basis points will not have an immediate effect on gold prices in the local market.
In the division's weekly report, Wassef explained that local gold prices remain tied to global trends, particularly the international price of gold per ounce. He noted that gold's recent increase in Egypt reflects a global rally, with international prices breaking past resistance levels and closing above $3,340 per ounce, nearing the $3,360 mark.
He stated that the rise in global gold prices has fully offset the recent decline in the U.S. dollar exchange rate in Egypt. Locally, the price of 21-karat gold, the most traded type, rose by 3.85% over the past week—an increase of EGP 175 per gram—closing at EGP 4,715 compared to EGP 4,540 at the start of the week.
Regarding investment behavior, Wassef noted that lower interest rates may reduce the appeal of bank savings certificates, potentially leading some investors to shift toward gold. However, he stressed that this kind of shift happens gradually and depends on sustained global momentum.
He added that the rate cut reflects improving economic indicators in Egypt, including reduced inflation, and supports broader reform efforts.
read more
Japan Stun Spain 2-1 to Qualify for World Cup Last 16
World Cup 2022: Get to Know Confirmed Line-ups of Japan and Spain Group E Decider
Saudi Arabia Bid Farewell to World Cup after 2-1 Loss to Mexico
Tunisia Achieve Historic Win over France but Fail to Qualify
Tunisia to Clash against France in World Cup
Sports
Get to Know Squad of Group D Teams in World Cup
Sports
Al Ahly Gift EGP 70,000 to Players After Claiming Egyptian Super Cup Title
Sports
Bencharki Hits First 2 Goals with Al Jazira Since Leaving Zamalek
Sports
Arsenal Possible Line-up for Nottingham Forest
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
Arts & Culture
Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized
Sports
Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer
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
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Egypt Today
41 minutes ago
- Egypt Today
Egypt's tobacco imports rise in 1st quarter of 2025
CAIRO - 6 June 2025: Data from the Central Agency for Public Mobilization and Statistics (CAPMAS) showed an increase in Egypt's tobacco and tobacco paper imports during the first quarter of this year, compared to the same period last year. CAPMAS data estimated Egypt's total tobacco and tobacco paper imports at approximately $45.226 million during the first quarter of this year, compared to $16.425 million during the same period last year, an increase of $28.801 million. Tobacco and tobacco paper imports are among Egypt's most important raw material imports, with their total value declining during the first quarter of this year to $2.209 billion, compared to $2.690 billion during the corresponding period in 2014, a decrease of $480.932 million. The value of Egyptian imports declined in March 2024 compared to the same period in 2024. The total value of imports reached $7.12 billion, compared to $7.91 billion in the same month of the previous year, a decline of 10%. The Central Agency for Public Mobilization and Statistics attributed this decline to a decrease in Egypt's imports of certain commodities, most notably petroleum products, which amounted to $894 million in March 2024, compared to $921 million in the same month of 2024, a decline of 2.9%. This also included wheat imports, which amounted to $233 million in March 2024, compared to $423 million in the same month of 2024, a decline of 44.8%. Imports of medicines and pharmaceutical products also decreased, reaching approximately $221 million in March 2024, compared to $286 million in the same month of 2024, a decline of 22.7%.
See - Sada Elbalad
5 hours ago
- See - Sada Elbalad
Trump Highlights Close U.S.–Egypt Co-op on Immigration Amid New Travel Ban
Nada Mustafa U.S. President Donald Trump confirmed on Thursday that the United States is working closely with Egypt regarding immigration to America. During a joint press conference with German Chancellor Friedrich Merz at the White House in Washington, Trump stated: 'The countries included in the travel ban are those that do not have things under control. But with Egypt, we are working very closely.' Earlier on Thursday, the White House announced that President Trump had issued an executive order banning citizens of several countries from entering the United States. The decision was justified by concerns related to national security. 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
See - Sada Elbalad
5 hours ago
- See - Sada Elbalad
Trump Urges Ukraine-Russia Ceasefire, Warns of Harsh Measures if Peace Is Not Reached
Nada Mustafa Former U.S. President Donald Trump stated, "We stand with Ukraine, and I support ending the fighting," emphasizing his desire to see hostilities between Russia and Ukraine brought to an end. He noted that Ukraine has already received over $500 billion in aid. Trump issued a stern warning: "If a peace agreement between Russia and Ukraine is not reached, you will be surprised by the severity of the measures I will impose." However, he expressed skepticism about a resolution in the near term, saying, "I don't believe Russia and Ukraine will reach a deal anytime soon." He recalled, "I stopped the war between India and Pakistan, and I hope the same can happen between Russia and Ukraine." Trump continued, "We will deal harshly with both Russia and Ukraine if they fail to reach an agreement." Trump added, "I told Putin that the suffering must end and there should be a truce period." He also said, "Putin informed me that Russia will respond to the intense Ukrainian attack on its territory." Trump concluded by expressing hope for an immediate peace deal, while admitting, "I believe the fighting will continue for some time." 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
