Latest news with #Wassef
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
Al-Ahram Weekly
16-05-2025
- Business
- Al-Ahram Weekly
Eased tariffs, geopolitical risks fuel Egypt's gold export boom: Experts - Markets & Companies
Gold experts and traders told Ahram Online that eased tariffs and geopolitical tensions are behind the significant increase in Egyptian gold exports. According to a previous statement by Ihab Wasef, head of the Gold and Jewellery Division at the Metallurgical Industries Chamber of the Federation of Industries, gold exports hit $3.2 billion during the first quarter (1Q) of 2025. Global and regional geopolitical tensions and Trump's new tariffs have driven gold prices to significant surges, which caused a local increase of gold prices by about 24 percent since the beginning of the year until mid-May 2025. Egypt's ranking as a global jewellery exporter rose from 94th in 2022 to 54th by the end of 2023. Within two years, Egypt aspires to be ranked among the top ten jewellery exporters globally. Ahram Online spoke to experts about Egypt's prospects of achieving that target, given the ongoing challenges and the reasons behind the country's advancement in the gold exports rank. Reasons for the increase Rafik Abassi, the former head of the Gold and Jewellery Division at the Metallurgical Industries Chamber of the Federation of Industries, explained to Ahram Online that the current surge in gold jewellery exports results from nearly two years of exporting. Abassi added that exports increased after overcoming previous export obstacles, including valuation fees and the cancellation of the stamp duty. "Over the past few years, I have attempted to facilitate export activities by eliminating the valuation fee of one percent on the value of gold, which puts us at a disadvantage in foreign markets. I have also worked on abolishing the Egyptian stamp that importers do not favour," he explained. In a previous statement, Wassef attributed the exceptional performance to the significant rise in global demand for gold amid escalating geopolitical tensions and international trade wars. He added that these circumstances enhanced foreign markets' inclination towards gold as a haven, opening new opportunities for Egyptian producers to enter these markets. Furthermore, Wassef noted that the Central Bank of Egypt (CBE) 's decision to extend the export proceeds payment period to 75 days helped increase export rates during the past period. He highlighted that the UAE, Saudi Arabia, and Turkey are the top importers of Egyptian gold. Egyptian gold has also entered new markets in Europe and the United States. Urgent demands of gold exporters Abassi told Ahram Online that gold exports require additional measures, including allowing banks to lend to gold jewellery manufacturers at a two percent interest rate, like most countries worldwide. "Recently, I proposed that the Union of Egyptian Banks approve borrowing gold from banks outside Egypt at an interest rate of two percent to provide them with sufficient guarantees. The union would then lend it to us at an interest rate of 5 percent to facilitate the production process. This will undoubtedly have a significant impact on export activity." Abassi pointed out that in facilitating the export process for its producers, Turkey became the highest-ranking jewellery exporter in Europe, surpassing even Italy. On the other hand, Wassef told Ahram Online that the Gold and Jewellery Division will work on providing external marketing for Egyptian products to achieve the export target by 2027. Strong industry Abbasi explained that Egypt has "about 20 major producers capable of producing and competing globally and nearly 2000 small workshops that produce gold artefacts. These workshops can manufacture and export through other companies." Wassef, in turn, highlighted that the government substantially supports the sector in overcoming various obstacles facing production and export activities. Moreover, Abbassi confirmed that Egypt has outstanding designers and that Egyptian products appeal to various tastes in foreign markets. However, Wassef pointed out that the factories are not fully operational. He noted that operating at full production capacity would enable these factories to meet future demands. He also highlighted the importance of expanding investments in existing factories. In addition, Wassef indicated that the sector is working on qualifying trained labour to provide a factory workforce. This would increase the quantity of gold produced to meet the targets. Self-sufficiency of gold ore Wassef told Ahram Online that Egypt has achieved self-sufficiency in the raw gold factories needed for production. He explained that consumers' gold items are a primary source for obtaining the raw material used in manufacturing. Similarly, Gold market expert Amir Rizk told Ahram Online that the quantities of bullion and coins purchased in the local market over the past two years reflect the abundance of raw materials available in the market and of raw material itself. Meanwhile, Wassef anticipated that the sector would increase exports fourfold during the upcoming period, given its advantages in the gold jewellery industry, which enable it to compete in global markets. Follow us on: Facebook Instagram Whatsapp Short link:
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.
