Latest news with #GoldandPreciousMetalsDivision
See - Sada Elbalad
25-05-2025
- Business
- See - Sada Elbalad
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
Daily News Egypt
12-05-2025
- Business
- Daily News Egypt
Egypt's gold exports hit $3.2bn in Q1 2025: Wasif
Egypt's gold exports reached a record $3.2bn during the first quarter (Q1) of 2025, reflecting a significant leap in the country's jewelry industry, according to Ihab Wasif, Head of the Gold and Precious Metals Division at the Federation of Egyptian Industries. Wasif attributed the exceptional performance to three key factors: rising global demand for gold amid heightened geopolitical tensions, substantial improvements in local jewelry design and manufacturing quality, and the Division's increased participation in international exhibitions and trade shows. Speaking on Sunday, Wasif explained that the surge in gold exports aligns with the global shift toward gold as a safe-haven asset in light of escalating trade conflicts and international instability. This environment has created new openings for Egyptian products, particularly in markets seeking both quality and reliability. He emphasized that Egypt's jewelry industry has undergone a notable transformation, with designs and craftsmanship now rivaling international standards. This competitive edge has enabled Egyptian exports to penetrate high-value markets such as Saudi Arabia and the UAE, in addition to new destinations in Europe and North America. Marketing efforts have also played a critical role. 'Our presence at international exhibitions has significantly increased brand visibility and built confidence in Egyptian gold among major foreign importers,' Wasif said. Breaking down the quarterly figures, he noted that exports totaled $929.5 million in January, rising to $1.804bn in February and maintaining strong momentum through March. The UAE, Saudi Arabia, and Turkey were the top importing countries, with noticeable growth in exports to Europe and the United States. Wasif highlighted these achievements as a fulfillment of the Division's pledge to President Abdel Fattah Al-Sisi to hit the highest export targets in the sector's history. He credited strong governmental support—particularly from the Ministries of Supply, Industry, and Investment, as well as the Central Bank and the Assay and Weights Authority—for enabling the industry's progress. Egypt aims to rank among the world's top 10 gold-exporting countries by 2027. Wasif noted that Egypt's global position in jewelry exports has already improved significantly, rising from 94th in 2022 to 54th in 2023, with plans to climb further in the next two years. He also pointed to the Central Bank of Egypt's decision to extend the export proceeds payment period to 75 days as a key facilitator for the recent export boom. 'This policy gave exporters much-needed flexibility in navigating foreign markets,' he said. The Division now plans to formally request a return to the original legal framework that allows for a 180-day payment period—a move Wasif believes would further enhance Egypt's export performance and global competitiveness.
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 Today
23-03-2025
- Business
- Egypt Today
Gold Prices Climb Sharply in 2025 as Global Uncertainty Fuels Investor Demand
CAIRO – 23 March 2025: Gold prices have seen a strong surge both in Egypt and globally since the beginning of 2025, according to Ihab Wassef, Chairman of the Gold and Precious Metals Division at the Federation of Egyptian Industries. In the local market, the price of 21-karat gold — the most widely traded in Egypt — has risen from EGP 3,720 to EGP 4,280 per gram, reflecting a 15.02% increase, or EGP 560, since January. Wassef attributed this upward trend to a broader international rally in gold prices, driven by heightened economic and political volatility. Key contributors include intensifying global trade tensions, particularly the ongoing trade war initiated by U.S. President Donald Trump, and rising geopolitical conflicts across various regions, both of which have heightened demand for gold as a safe-haven asset. On the global stage, gold prices have increased by 15.2% so far this year. The price of gold has remained steadily above the $3,000 per ounce mark, with a 5.9% rise recorded since early March alone. Looking forward, Wassef predicts that gold may continue its upward trajectory, potentially reaching $3,200 per ounce within the next six months, citing projections from top analysts and international financial institutions. He also pointed to easing monetary policies by major central banks — including the U.S. Federal Reserve and the European Central Bank — as a key driver supporting gold's momentum. As interest rates decline, the cost of holding gold becomes more favorable, encouraging increased investor demand. Another influential factor is the accelerating pace of gold purchases by central banks around the world. Wassef noted that these institutions are actively diversifying their reserves in response to ongoing global economic instability, reducing their dependency on foreign currencies. He concluded by emphasizing that a mix of geopolitical unrest, trade friction, and soft monetary policy is reinforcing gold's status as a store of value. As global uncertainty continues, he expects the bullish trend in gold to extend into the months ahead.
