Latest news with #EhabWassef
Zawya
07-04-2025
- Business
- Zawya
Gold demand drops during Eid al-Fitr, defying holiday trends: Egypt's FEI official
Ehab Wassef, Head of the Gold and Precious Metals Division at the Federation of Egyptian Industries (FEI), reported an unexpected decline in gold demand during the Eid al-Fitr holiday—contrasting with previous years, when demand typically spikes due to increased purchases of gifts and gold jewellery. 'This year's slowdown in gold buying and selling reflects a noticeable shift in consumer behavior,' Wassef said, attributing the trend to ongoing economic pressures and rapid shifts in both global and local markets. He also noted that the relative stability of the local currency has helped curb speculative activity. Gold prices in the local market have dropped by approximately EGP 95 since mid-last week. After reaching a peak of EGP 4,445 per gram for 21-karat gold, prices have now fallen to around EGP 4,350 per gram—a 2.1% decrease. Wassef explained that the decline in prices is largely driven by a fall in global gold prices. Internationally, gold dropped from a record high of $3,167 per ounce to $3,037. He emphasized that the recent stability of the US dollar exchange rate against the Egyptian pound has shifted the focus toward global market dynamics. 'With the dollar holding steady, international gold prices have become the dominant factor influencing local pricing,' he added. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. ( Daily News Egypt
Daily News Egypt
07-04-2025
- Business
- Daily News Egypt
Gold demand drops during Eid al-Fitr, defying holiday trends: FEI official
Ehab Wassef, Head of the Gold and Precious Metals Division at the Federation of Egyptian Industries (FEI), reported an unexpected decline in gold demand during the Eid al-Fitr holiday—contrasting with previous years, when demand typically spikes due to increased purchases of gifts and gold jewellery. 'This year's slowdown in gold buying and selling reflects a noticeable shift in consumer behavior,' Wassef said, attributing the trend to ongoing economic pressures and rapid shifts in both global and local markets. He also noted that the relative stability of the local currency has helped curb speculative activity. Gold prices in the local market have dropped by approximately EGP 95 since mid-last week. After reaching a peak of EGP 4,445 per gram for 21-karat gold, prices have now fallen to around EGP 4,350 per gram—a 2.1% decrease. Wassef explained that the decline in prices is largely driven by a fall in global gold prices. Internationally, gold dropped from a record high of $3,167 per ounce to $3,037. He emphasized that the recent stability of the US dollar exchange rate against the Egyptian pound has shifted the focus toward global market dynamics. 'With the dollar holding steady, international gold prices have become the dominant factor influencing local pricing,' he added.
Egypt Independent
03-03-2025
- Business
- Egypt Independent
Gold sees its largest decline since November by 2.7%
The head of the Gold and Precious Metals Division at The Federation of Egyptian Industries (FEI), Ehab Wassef, revealed that the price of an ounce of gold witnessed a noticeable decline during the past week, falling by 2.7 percent and equaling at US$81. During the weekly report issued by the division to monitor the movement of gold globally and locally, Wassef explained that this decline is the largest since November 2024, and comes after eight consecutive weeks of continuous increases during which gold made record levels. The price of gold decreased by about LE 100, he noted, a decline of 2.3 percent. With this decline, Wassef said that it is expected that gold will aims to gather new upward momentum, possibly rising to target levels of LE 4,100 per gram. Gold expert Amir Rizk added that there is currently a significant decline in the prices of the precious yellow metal both locally and globally. He explained that what is happening in the market is the reaping of profits by major companies and major investors in gold. There is a policy followed by investors to compensate for the decline in gold, Rizk said, as the investor offers 10 percent of the gold at a reduced price in the market to lead it to decline, before moving to buy large quantities during periods of decline and selling it at a high price to reap the profits. The expert added that there are predictions that gold prices will rise more within a month globally, with increasing expectations that the Federal Reserve will follow a policy of reducing interest rates. Edited translation from Al-Masry Al-Youm
