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See - Sada Elbalad
28-04-2025
- Business
- See - Sada Elbalad
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. 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 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 Recorder
28-04-2025
- Business
- Business Recorder
China's first-quarter gold consumption falls 6% to 290.492 metric tons
SHANGHAI: China's gold consumption fell 5.96% year-on-year to 290.492 tons in the first quarter of 2025 as high gold prices continued to curb demand for gold jewellery, the China Gold Association said on Monday. The rise in gold prices has led to a shift in consumer behaviour, with traditional gold products such as gold ornaments and jewellery giving way to gold bars and coins as a means of investment. Gold jewellery consumption slumped 26.85% year-on-year to 134.531 tons during the first quarter, while consumption for gold bars and coins surged 29.81% to 138.018 tons, driven by investors seeking safe-haven assets amid geopolitical uncertainty and economic volatility. Gold sinks over 1% as easing US-China tensions curb safe-haven demand China's domestic gold production rose 1.49% year-on-year to 87.243 tons in the first quarter of 2025. Including gold produced from imported materials, which totalled 53.587 tons, China's total gold output reached 140.830 tons in the first quarter, up 1.18% from a year earlier.
South China Morning Post
27-03-2025
- Business
- South China Morning Post
2,000 tonnes of gold: China says new technology helped find largest known deposits
Scientists say they have discovered two potentially record-smashing 1,000-tonne gold deposits in central and northeastern China, and more discoveries could come with the use of advanced exploration technology. Advertisement If proven, these deposits could be among the largest in the world, and even surpass the largest known gold deposit in South Africa. China is the world's largest producer of gold ore, reaching an output of 377 tonnes last year, according to the China Gold Association. While China is holding on to the top spot in gold production, it falls behind countries such as South Africa, Australia and Russia in proven gold mine reserves Gold is not only a means to insulate financial systems from the vulnerabilities of fiat currencies, but also plays a role in the development of electronics, and even aerospace components, because of its properties. Despite scepticism from some experts over reserve estimates, the discovery of two large gold deposits could help China maintain its pace of gold production and prevent a decline in output. Advertisement The first deposit discovery made headlines in November when in central China the Hunan province geological bureau announced it had found a super-large gold deposit with estimated reserves of more than 1,000 tonnes of gold, which could be worth more than 600 billion yuan ($US83 billion).
Zawya
21-03-2025
- Business
- Zawya
India gold discounts hit 8-month high as record prices curb demand
Discounts offered on gold in India touched a more than eight-month high this week as demand slumped after spot prices surged past record highs. Indian dealers offered a discount of up to $41 an ounce over official domestic prices, up from up to $39 an ounce last week. Domestic gold prices hit a record high of 89,796 rupees per 10 grams earlier this week and have risen over 15% so far this year. "The price just keeps climbing with no break. Every week, it's hitting new highs. Customers are just sitting back, waiting for a dip," said a New Delhi-based bullion dealer. India's gold imports are set to tumble 85% in February from a year-ago to their lowest in 20 years. However, discounts are still rising due to very weak demand, said a Mumbai-based dealer with a bullion-importing bank. In China, gold traded at a discount of $2-$16 under spot prices. Domestic gold prices have fallen sharply to a discount to international price, reflecting a significant tapering in local demand, Ross Norman, an independent analyst, said. China's gold consumption in 2024 slumped 9.58% on-year to 985.31 metric tons, data from the China Gold Association showed, as high gold prices curtailed jewellery demand. Purchases of gold jewellery, which account for half of the total, plunged 24.7% to 532.02 tons, according to the data. However, Chinese institutional demand for gold ETFs remains buoyant, while the central bank continues to accumulate gold, albeit at modest reported levels, Norman said. In Singapore, gold traded at a premium of $1.80-$2.50. Meanwhile, dealers in Hong Kong charged premiums between $0.50 and $2 per ounce . People are hesitating to buy gold except for investment purposes, which is being driven by safe-haven demand, said Peter Fung, head of dealing at Wing Fung Precious Metals. In Japan, bullion prices were sold between a premium of $1.0 and a discount of $5.5, a trader said. (Reporting by Rahul Paswan in Bengaluru and Rajendra Jadhav in Mumbai; Editing by Sonia Cheema)
Yahoo
21-03-2025
- Business
- Yahoo
India gold discounts hit 8-month high as record prices curb demand
By Rajendra Jadhav and Rahul Paswan (Reuters) - Discounts offered on gold in India touched a more than eight-month high this week as demand slumped after spot prices surged past record highs. Indian dealers offered a discount of up to $41 an ounce over official domestic prices, up from up to $39 an ounce last week. Domestic gold prices hit a record high of 89,796 rupees per 10 grams earlier this week and have risen over 15% so far this year. "The price just keeps climbing with no break. Every week, it's hitting new highs. Customers are just sitting back, waiting for a dip," said a New Delhi-based bullion dealer. India's gold imports are set to tumble 85% in February from a year-ago to their lowest in 20 years. However, discounts are still rising due to very weak demand, said a Mumbai-based dealer with a bullion-importing bank. In China, gold traded at a discount of $2-$16 under spot prices. Domestic gold prices have fallen sharply to a discount to international price, reflecting a significant tapering in local demand, Ross Norman, an independent analyst, said. China's gold consumption in 2024 slumped 9.58% on-year to 985.31 metric tons, data from the China Gold Association showed, as high gold prices curtailed jewellery demand. Purchases of gold jewellery, which account for half of the total, plunged 24.7% to 532.02 tons, according to the data. However, Chinese institutional demand for gold ETFs remains buoyant, while the central bank continues to accumulate gold, albeit at modest reported levels, Norman said. In Singapore, gold traded at a premium of $1.80-$2.50. Meanwhile, dealers in Hong Kong charged premiums between $0.50 and $2 per ounce. People are hesitating to buy gold except for investment purposes, which is being driven by safe-haven demand, said Peter Fung, head of dealing at Wing Fung Precious Metals. In Japan, bullion prices were sold between a premium of $1.0 and a discount of $5.5, a trader said. Sign in to access your portfolio
