Latest news with #WaleedFarouk
See - Sada Elbalad
a day ago
- Business
- See - Sada Elbalad
Shanghai Futures Exchange Opens Doors to Foreign Investors in Move to Boost China's Influence in Global Metals Markets
Waleed Farouk The Shanghai Futures Exchange (SHFE) announced on Tuesday 34 new regulatory proposals aimed at opening China's futures market to foreign investors and brokers, as part of efforts to support the internationalization of the Chinese currency (RMB) and enhance China's influence in global commodity pricing. The proposals cover multiple areas, including gold and silver options trading, hedging, and precious metals futures trading. The exchange emphasized that the goal is "full opening to foreign participants." Tiger Shi, CEO of BANDS Financial, told Reuters that this announcement represents "a fundamental change in the Shanghai Exchange's constitution," noting that direct foreign access to the exchange's products is "now on the fast track." Key proposed changes: Allowing foreign brokers and investors to trade directly without the need for local intermediaries. Accepting margin in foreign currencies such as the US dollar. A public comment period on the proposals will be open until June 4. A broader strategy to internationalize the Chinese market This move aligns with an earlier announcement on April 21 by the People's Bank of China (PBoC) and three other government agencies, which included investments to promote the internationalization of the Shanghai Gold Exchange (SGE), including the establishment of international delivery warehouses, in preparation for competing with the London Metal Exchange (LME) for its role in global gold pricing. A report issued at the time by Jinshi Data indicated that the plan aims to "enhance Shanghai's capacity as an international financial center for the allocation of global resources." It includes developing a platform for trading cross-border financial assets, supporting cooperation with foreign exchanges in product pricing, and expanding the use of renminbi reference prices in global markets. Reshaping the Global Pricing Map Although China is the world's largest consumer of precious metals, the pricing of most of its transactions remains tied to international prices, such as those issued by the London Metal Exchange. However, Beijing seeks to change this equation by making Shanghai futures a global benchmark, potentially dismantling Western dominance of metals markets for the first time in more than 140 years. Reuters previously reported that China's success in attracting foreign traders to the Shanghai Exchange will give its contracts a global benchmark and reduce reliance on Western price signals. In statements to state media, Wang Fenghai, general manager of the Shanghai Exchange, said that internationalizing the market is a prerequisite for strengthening China's influence in metals pricing. He added that the exchange is working to develop cross-border delivery capabilities by establishing warehouses outside China to store the metals associated with its futures contracts. 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 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 News Flights suspended at Port Sudan Airport after Drone Attacks
See - Sada Elbalad
a day ago
- Business
- See - Sada Elbalad
Gold Trims Losses Locally ,Globally Amid Escalating Economic Uncertainty
Waleed Farouk Gold prices trimmed their losses in the local market during trading on Thursday, supported by rising global ounce prices, amid escalating economic uncertainty gripping international markets. The price of gold in the local market rose to EGP 4,610 per gram, after falling this morning to EGP 4,585, affected by a previous drop in global prices. In global markets, the ounce managed to recover a significant portion of its losses, rising to $3,300 after previously falling to $3,245, amid ongoing economic turmoil that is pushing investors toward gold as a safe haven. The price of 24-karat gold reached EGP 5,269 per gram, while the price of 18-karat gold reached EGP 3,951 per gram. The price of 14-karat gold reached approximately EGP 3,074 per gram, and the price of the gold pound reached approximately EGP 36,880 per gram. Gold prices in local markets fell by EGP 5 during trading on Wednesday. The price of a gram of 21-karat gold opened at EGP 4,620 and closed at EGP 4,615. Meanwhile, an ounce fell by $27, opening at $3,305 and closing at $3,287. Gold prices witnessed a significant recovery during trading on Thursday, after paring most of their previous losses, supported by the decline of the US dollar and growing uncertainty about the future of the global economy amid escalating tensions related to US tariff policies. This recovery was attributed to a federal court ruling in New York halting the implementation of US President Donald Trump's tariff policy, believing that the decision contributed to undermining the strength of the dollar, thus supporting demand for gold as a safe haven. The court ruled that the Trump administration exceeded its constitutional powers under the International Emergency Economic Powers Act (IEEPA) when imposing tariffs on several trading partners and ordered the tariffs to be rescinded within ten days, prompting the White House to file an urgent appeal. These developments come at a time of growing concern within economic circles about the impact of tariffs on global growth, amid warnings of an impending recession. Analysts at Invesco warned that the confusion caused by trade policy uncertainty could push US companies to freeze investment plans and postpone hiring decisions and wage increases, which could negatively impact corporate profits and domestic consumption. Meanwhile, the minutes of the US Federal Reserve's May 6-7 meeting revealed that bank officials face increasing challenges, most notably persistent inflationary pressures and a declining labor market, forcing policymakers to make difficult decisions in the coming period. The minutes indicated that inflation may persist longer than expected, coinciding with declining growth and employment prospects, amid the impact of new tariff policies. Although the Federal Reserve decided at its last meeting to hold interest rates within a range of 4.25% to 4.5%, Chairman Jerome Powell stressed the need to be cautious in taking further steps until the full economic impact of recent government policies becomes clear. Investors are awaiting tomorrow's release of the Personal Consumption Expenditures (PCE) price index for April, the Fed's preferred measure of inflation. Expectations indicate a moderate annual growth rate of 2.5%, compared to 2.6% in March, but the impact of the data may be limited amid escalating economic and political tensions. In this volatile context, gold remains the biggest gainer so far, driven by its status as a safe-haven asset and the continued uncertainty in global markets. 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 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 News Flights suspended at Port Sudan Airport after Drone Attacks
See - Sada Elbalad
3 days ago
- Entertainment
- See - Sada Elbalad
The "Pretty Woman" Necklace: An Eternal Cinematic Icon In The World Of Jewelry
Waleed Farouk The Vivienne Ward necklace, worn by Julia Roberts in the 1990 film "Pretty Woman," is one of the most iconic pieces of jewelry in cinematic history. Designed by French jewelry house Fred Joaillier, this exquisite necklace features 23 pear-shaped rubies surrounded by diamond-studded hearts, set on an 18-karat white gold base. The necklace was originally valued at approximately $250,000 and was heavily guarded during filming, with an armed guard from the jewelry store behind the camera at all times. This necklace has become a symbol of romance and elegance, especially after the famous scene in which Richard Gere opens the box in front of Julia Roberts, prompting her spontaneous reaction that became an iconic moment in the film. The popularity of this necklace continued after the film's release, with Fred launching the "Pretty Woman" collection, featuring designs inspired by the original necklace, including the "Audacious" necklace in white gold, set with eight heart-shaped rubellites and 554 diamonds. It can be transformed into multiple jewelry pieces, such as earrings and a brooch. The "Pretty Woman" necklace is an example of how cinema has influenced the world of fashion and jewelry, transforming it from a piece of art into a cultural icon that transcends the silver screen. read more 15 Ludicrous Cosplay Costumes That Will Blow You Away Watch... Dorra's natural beauty will blow your mind in latest photo session Exercising For As Little As 150 Minutes A Week Will Make You Happier، Study Claims ARIES: Your Horoscope for April 7 FDA Now Considers Vaping A Rising Epidemic In High School Lifestyle How to make Dried salted fish (feseekh) -By Chef El-Sherbini Lifestyle Batarekh Dip & Sardine Dip Lifestyle Best of Easter cookie and cakes Lifestyle ARIES friendship 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
See - Sada Elbalad
3 days ago
- Business
- See - Sada Elbalad
Warnings of a Global Gold Rush Amid Escalating US Trade Tensions
Waleed Farouk As US President Donald Trump escalates trade pressure by announcing his intention to impose new 50% tariffs on European imports, a US think tank has warned that these policies could push several countries—particularly emerging markets—to adopt gold as an alternative to the dollar in the global financial system. According to an opinion piece published by Kimberly Donovan, director of the Economic State Initiative at the Atlantic Council, and Maya Nikoladze, deputy director, many countries have already begun to seek safe alternatives outside the dominance of the dollar, with gold at the forefront of these alternatives, whether through physical reserves or digital instruments backed by the precious metal. "Many countries, including US adversaries, are now using gold to circumvent US sanctions and finance activities that threaten US national security," the article states. Unprecedented Rise in Central Bank Gold Purchases The authors noted that central banks around the world continue to boost their gold reserves. Data from the World Gold Council showed that purchases during the first quarter of 2025 reached 243.7 tons, a 24% increase over the average of the past five years, despite a slowdown compared to the peak of purchases in 2022. Russia is a prominent example of this trend. The Russian Ministry of Finance is believed to be purchasing gold from domestic producers in an undisclosed manner to bolster its reserves. Gold is also used in informal trade with countries such as the UAE and Turkey, according to the report. Gold-Backed Digital Innovations: Cryptocurrencies Enter the Game The issue is no longer limited to gold reserves alone. Recent trends have emerged regarding the use of gold to create stablecoins. This month, the Ministry of Finance of Kyrgyzstan announced plans to launch a gold-backed stablecoin, USDKG, in the third quarter of 2025. The USDKG will be fully backed by gold reserves worth $500 million, with a goal of reaching $2 billion. Holders of the currency will be able to exchange it for gold, cryptocurrencies, or fiat currencies, enhancing the ability of this small country—where foreign remittances account for a third of its GDP—to conduct cross-border transactions without going through the US financial system. US Concerns Over Loss of Control Over the Global Financial System The report warns that gold-backed digital currencies—especially in countries subject to sanctions, such as Russia, or those with which it has financial ties—could be used as tools to evade Western sanctions, given the lack of US oversight. The report stated that Russian interest in the USDKG system in particular could be a means of accessing technologies subject to Western restrictions, through an alternative financial system that does not pass through the dollar or US banks. A Call to Rethink US Economic Policies In concluding the analysis, the authors urged the US administration to move away from punitive policies that push countries to seek alternatives to the dollar, particularly gold, and called for strengthening financial stability by supporting economically weak countries and expanding trade and investment ties with them. 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 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
See - Sada Elbalad
3 days ago
- Business
- See - Sada Elbalad
Gold Prices Rise Again Despite Easing Trade Tensions
Waleed Farouk Gold prices rose in local markets during trading on Wednesday, with the ounce rising on the global stock exchange, despite growing hopes for a trade agreement between the United States and the European Union, and amid markets awaiting the minutes of the US Federal Reserve meeting this evening. Gold prices rose in local markets by EGP 10 during trading today, compared to yesterday's close, with the price of a gram of 21-karat gold reaching EGP 4,630, while an ounce rose by $8, reaching $3,313. A gram of 24-karat gold reached EGP 5,291, a gram of 18-karat gold reached EGP 3,969, while a gram of 14-karat gold reached approximately EGP 3,087, and the gold pound reached approximately EGP 37,040. Gold prices in local markets fell by EGP 50 during trading yesterday, Tuesday, with the price of a gram of 21-karat gold opening at EGP 4,670 and closing at EGP 4,620. Meanwhile, the ounce fell by $37, opening at $3,342 and closing at $3,305. Recent gold movements reflect the state of anticipation and caution prevailing in global markets, with the yellow metal recording a significant rise both locally and globally, despite growing optimism regarding an anticipated trade agreement between Washington and Brussels. The data clearly highlights the return of momentum to the local market, with gold prices in Egypt rising by about EGP 10, while the global ounce rose to $3,313. This rise comes after sharp losses in yesterday's session, reflecting the volatility of global markets and their anticipation of new catalysts. This rise is directly linked to investors' anticipation of the release of the minutes of the US Federal Reserve's meeting this evening, which may carry crucial signals regarding the future of monetary policy and interest rates. With geopolitical tensions looming in the background, gold maintains its appeal as a safe haven, despite pressures stemming from a strong dollar and improved economic confidence indicators in the United States. These movements indicate a continued "tug of war" in precious metals markets, amid a delicate balance between global economic data and acute political developments. Gold prices recorded a significant rise during today's trading, driven by increased investment demand amid geopolitical tensions and fluctuations in US dollar indicators. Despite positive signs of a trade rapprochement between the United States and the European Union, gold maintained its upward trend. US President Donald Trump expressed his "satisfaction" with the 50% tariff imposed on Europe, confirming that Brussels has begun communicating to set a quick date for negotiations, which has boosted hopes that a new trade agreement is imminent. Geopolitical tensions continue to support gold, but it may face headwinds due to the resilience of the dollar and positive economic data. Russian President Vladimir Putin renewed his demand for written guarantees from NATO regarding restrictions on its eastward expansion, conditioned on a halt to military operations and the lifting of sanctions against Moscow, further stoking concerns in global markets. Investors' focus this week turns to the minutes of the Federal Open Market Committee's May meeting, due Wednesday evening. The minutes are expected to clarify the reasons for keeping interest rates at a range of 4.25%-4.50%, and warn of potential higher unemployment and inflation as a result of the Trump administration's new economic policies. Attention is also turning to the April Personal Consumption Expenditures (PCE) price index data—the Federal Reserve's preferred measure of inflation monitoring—due on Friday. The impact is expected to be limited given the lack of clarity on the impact of tariffs on consumer prices. Minneapolis Federal Reserve President Neel Kashkari also supported keeping interest rates steady, emphasizing the "need for patience" amid the uncertainty surrounding new trade policies. While an improved global economic outlook bolsters optimism about a broad economic recovery, it traditionally reduces demand for safe-haven assets such as gold. This has helped support the US dollar index, which pared gains during European trading but remains far from this month's lows. A stronger dollar is negatively impacting gold's appeal to investors holding other currencies, a key challenge to the yellow metal's continued rise. Recent US data also revealed that durable goods orders fell 6.3% in April, a sharp decline but less than the expected -7.9%. The US consumer confidence index rose to its highest level since 2021, supporting the dollar and limiting gold's rise. On the other hand, investors are still betting on a double-digit US interest rate cut this year, which could support gold in the medium term if expectations of slowing inflation and continued geopolitical tensions materialize. 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 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
