Latest news with #SaeedEmbabi
See - Sada Elbalad
3 days ago
- Business
- See - Sada Elbalad
Legal Reforms and Refinery Projects to Support Egypt's Transformation into a Regional Hub for Gold Industry and Trade
Waleed Farouk Gold market expert Saeed Embabi said that Egypt's drive to localize investment in gold-backed funds will provide individual and institutional investors with a regulated and transparent financial instrument, enabling them to benefit from gold price movements without the need for physical possession of the metal. This, he noted, would expand the investor base and deepen market liquidity. He added that amending laws to encourage such funds would strengthen market confidence and attract new capital, both domestic and foreign. Embabi also stated that establishing gold refineries represents a qualitative leap in the industry's infrastructure, allowing Egypt to control production quality and reduce reliance on foreign facilities for refining. Moreover, these refineries could offer services to regional markets, positioning the country as a regional center for gold trade and manufacturing. He highlighted that this step is also important for supporting the non-oil economy and diversifying sources of income, in addition to creating direct and indirect job opportunities in mining, refining, marketing, and logistics. It would also enhance Egypt's ability to leverage its geographic location as a gateway for trade between Africa and the Middle East. During the weekly cabinet meeting, Prime Minister Dr. Mostafa Madbouly confirmed that the government is moving toward localizing investment in gold-backed funds in the coming period by introducing amendments to certain regulatory laws, aiming to boost this type of investment amid growing public interest in gold as a hedging and investment tool. Madbouly also pointed out that Egypt is working on establishing multiple gold refineries to meet domestic market needs and provide services to foreign markets, reinforcing the country's position as a regional hub for the gold industry and trade. 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 Videos & Features Story behind Trending Jessica Radcliffe Death Video News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt News The Jessica Radcliffe Orca Attack? 100% Fake and AI-Generated
See - Sada Elbalad
28-06-2025
- Business
- See - Sada Elbalad
Gold Declines Amid Trade Optimism and Geopolitical Easing
Waleed Farouk Gold prices recorded a notable decline in the local Egyptian market on Saturday, coinciding with the weekend closure of global exchanges. This came after the international ounce dropped by 2.8% at the end of the trading week, weighed down by easing geopolitical tensions and improved global trade prospects. According to the latest market data, gold prices in Egypt fell by EGP 25 per gram during Saturday's trading compared to the previous day. The price of 21-karat gold settled at EGP 4,600 per gram, while the global ounce dropped by $95, closing the week at $3,274. The 24-karat gram was priced at EGP 5,257, 18-karat at EGP 3,943, and 14-karat at EGP 3,067. The price of the gold pound stood at EGP 36,800. On Friday, gold prices in the local market had already fallen by EGP 70 per gram, as 21-karat gold opened at EGP 4,695 and closed at EGP 4,625. Simultaneously, the international ounce slid by $60, from $3,334 to $3,274. Risk Appetite Weighs on Gold The decline occurred despite traditionally supportive factors for gold, such as a weaker US dollar and expectations of interest rate cuts. However, growing investor appetite for risk shifted capital toward high-yield assets, placing additional selling pressure on bullion. The signing of a formal trade agreement between the United States and China, along with statements from US officials suggesting more deals may follow before July 9, helped boost market confidence. Notably, China announced its readiness to expedite shipments of rare earth minerals to Washington, reinforcing optimism around global trade relations. Geopolitical Shifts Ease Safe-Haven Demand On the geopolitical front, Iran signaled openness to diplomacy with the United States, while Al Arabiya reported that the Israel-Gaza conflict could end within two weeks — developments that reduced geopolitical risk premiums and weakened gold's safe-haven appeal. Despite a 1.32% drop in the US Dollar Index this week and stable US Treasury yields, gold failed to capitalize on these supportive signals. Analysts interpreted this as a sign of shifting market dynamics and waning traditional demand for safe-haven assets. Equities Surge, Gold Falters Saeed Embabi, Executive Director of the online gold and jewelry trading platform iSagha, noted that strong performances in global equity markets — particularly the Nasdaq Composite and S&P 500, both reaching all-time highs — reflect investor preference for growth assets over gold amid improved economic outlooks. These developments are seen as part of a transitional phase, during which investors reassess asset roles amid ongoing monetary easing and receding geopolitical fears. US Economic Data and Policy Outlook US inflation data showed the core Personal Consumption Expenditures (PCE) index rose 2.7% year-over-year in May, exceeding expectations and complicating the Federal Reserve's policy path. Minneapolis Fed President Neel Kashkari reaffirmed his forecast for two rate cuts in 2025, noting that the economic impact of trade conflicts might be less severe or more delayed than previously anticipated. Meanwhile, in Washington, the Biden administration is facing growing challenges to pass a proposed tax cut and spending bill before the self-imposed July 4 deadline. The plan is estimated to add approximately $2.4 trillion to the national debt over the next decade. Treasury Department data revealed that the federal deficit reached $316 billion in May alone, with interest payments on debt soaring to $92 billion — second only to Medicare and Social Security — raising fears of an impending debt crisis. Political Pressure on the Fed Market anxiety was further fueled by comments from former President Donald Trump, who criticized Fed Chair Jerome Powell as 'terrible' and hinted at replacing him before his term ends in 2026. These remarks sparked renewed concerns about the Federal Reserve's independence, adding downward pressure on the dollar. Despite short-term weakness in gold, analysts believe that renewed geopolitical tensions or inflationary setbacks could restore the metal's safe-haven appeal. For now, the market remains in a state of cautious anticipation, awaiting clearer direction on global growth and monetary policy trends. 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 China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt 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 Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
See - Sada Elbalad
22-06-2025
- Business
- See - Sada Elbalad
War Erupts... Yet Gold Falls?
Waleed Farouk Gold prices recorded a notable decline in local markets over the past week, dropping by approximately 2%, influenced by weakening demand, increased profit-taking, and the strength of the U.S. dollar. According to a report by the 'iSagha' platform, global gold prices fell by 1.8% during the same period, reflecting reduced appetite for the yellow metal as a safe haven despite escalating geopolitical tensions. Saeed Embabi, Executive Director of iSagha, an online platform for trading gold and jewelry, stated that local gold prices dropped by about EGP 100 per gram throughout the week. The 21-karat gold gram opened trading at EGP 4,900 and closed at EGP 4,800. On the global front, the price of an ounce of gold declined from $3,430 to $3,369, losing $61 over the week. Embabi noted that this marks gold's first weekly decline in nearly three weeks, even as geopolitical tensions in the Middle East intensified, including renewed hostilities between Israel and Iran, as well as the ongoing conflict between Russia and Ukraine. This reflects a paradox in how markets have responded to geopolitical developments. Despite the recent drop, gold continues to hold a significant position as a safe haven during periods of economic and political uncertainty. In recent weeks, global markets have experienced waves of turbulence that reshaped the risk landscape, pushing gold to record highs. At the peak of the tensions, gold reached $3,451 per ounce, signaling a renewed shift among investors toward safe-haven assets. On the economic front, U.S. inflation data for May showed a slight monthly increase of just 0.1%, reinforcing market expectations that the Federal Reserve may begin cutting interest rates in its upcoming September meeting — a monetary environment typically favorable for gold. The Federal Reserve, in its June 18 meeting, kept interest rates unchanged for the fourth consecutive time, within the range of 4.25% to 4.50%. Following the meeting, Fed Chair Jerome Powell emphasized the continued strength and resilience of the U.S. economy, noting that inflation was gradually approaching the Fed's target levels and that the labor market remained robust. In a noteworthy shift, Federal Reserve Governor Christopher Waller signaled that interest rate cuts could begin as early as July 2025, provided that economic data continues to show moderation. He also downplayed the inflationary impact of tariffs, stating that a 10% tariff on imports would have minimal influence on prices — reducing the likelihood of tariffs being used as justification for further monetary tightening. Support for gold now extends beyond individual investors and hedge funds to include central banks, notably China and Russia, which are bolstering their gold reserves as part of a broader strategy to diversify assets and reduce reliance on the U.S. dollar. This institutional demand provides additional support for gold, particularly in the medium and long term. In this context, a recent World Gold Council survey conducted between February 25 and May 20, 2025, involving 73 central banks, revealed that 76% of respondents expect to increase their gold holdings over the next five years — up from 69% in the previous year's survey. Furthermore, 95% anticipate a rise in global gold reserves in the year ahead — the highest percentage since the study's inception. The same study also highlighted a growing trend toward reducing U.S. dollar exposure in central bank reserves, with 75% of participants indicating plans to lower their dollar holdings over the next five years, compared to 62% in 2024. Since the beginning of 2025, gold prices have risen by around 29%, with data showing an increase of over 70% over the past two years. Despite short-term volatility, the broader trend points to gold remaining elevated, supported by a combination of geopolitical instability, monetary easing expectations, and strong demand from emerging and developing markets. In a world increasingly dominated by uncertainty, gold continues to reaffirm its historical role as a shield against crises. It remains an asset free from financial obligations, immune to sovereign defaults or market collapses — a cornerstone for portfolio stability. Markets now await a series of key U.S. economic indicators this week, including the S&P Global Flash PMI on Monday, consumer confidence figures and Jerome Powell's testimony before the House Financial Services Committee on Tuesday, followed by new home sales data and his testimony before the Senate Banking Committee on Wednesday. Thursday will bring weekly jobless claims, durable goods orders, and final Q1 GDP data, while Friday will conclude with the release of the core Personal Consumption Expenditures (PCE) inflation report — all of which are likely to shape the direction of future monetary policy. 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 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 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 Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News 3 Killed in Shooting Attack in Thailand
