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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