Latest news with #iSaaga
See - Sada Elbalad
02-05-2025
- Business
- See - Sada Elbalad
Gold Companies Raise Manufacturing Costs Per Gram for Second Time in 2025
Waleed Farouk Gold companies in local markets raised the manufacturing cost of jewelry and bullion this week, the second time they raised it at the beginning of the year. Saeed Imbabi, Executive Director of the iSaaga platform for gold and jewelry trading, said that the record-high rise in gold prices and the rise in fuel prices are consequently leading to higher gold manufacturing costs, whether jewelry or bullion. This is due to increased manufacturing inputs and increased manufacturing waste. Imbabi added that major gold companies have taken the step of raising manufacturing costs, followed by other factories and companies. The increases range between 15 and 25 Egyptian pounds per gram for jewelry and approximately 10 Egyptian pounds per gram for bullion. Last Friday, the Egyptian government decided to increase the prices of gasoline and petroleum products, the second increase in six months. This is part of its plan to completely lift fuel subsidies and liberalize fuel prices to international prices. This is part of the government's economic reform program, in agreement with the International Monetary Fund. Karim Soliman, Sales Manager at Gold Era Gold Trading and Investment Company, said that gold factories have recently increased their manufacturing costs due to the rising price of gold and increased operating costs. He added that the increase in prices within the markets is not uniform, varying from company to company, and varies from bullion to Egyptian pounds. He noted that raising manufacturing costs for customers exacerbates the market stagnation, especially with gold prices reaching record highs. However, companies are forced to increase their costs due to rising prices and increased operating costs, including electricity, rent, and employee salaries. Mustafa El-Senussi, head of the Luxor Gold Trade Union Committee, said that gold manufacturing prices increased starting last Monday by between 15 and 20 Egyptian pounds. El-Senussi noted that gold companies raised manufacturing prices for the second time, while they had increased manufacturing costs approximately three times over the past year. He explained that the increased cost of gold manufacturing led to the average manufacturing cost of a gram of 21-karat gold ranging between 170 and 270 Egyptian pounds, while the manufacturing cost for imported jewelry ranged between 400 and 600 Egyptian pounds. El-Senussi emphasized that the continued increase in manufacturing costs places an additional burden on consumers, calling for a balance between gold prices and manufacturing costs to ensure market stability. He also emphasized the importance of transparency in determining the final cost of gold to ensure the rights of all parties, both traders and consumers. Abdel Aal Saleema, Vice President of the Gold Division at the Kafr El-Sheikh Chamber of Commerce, revealed that the manufacturing cost is determined based on a variety of factors that are added to the base gram price. These factors include expenses, raw gold loss, losses during the manufacturing process, production costs, and the shop's profit margin, with a clear impact on the volume of production, manufacturing, and sales. Saleema added that the production process bears the cost of raw gold loss collected from the market, as a portion of it is lost during operation. Approximately 8 Egyptian pounds is added per gram of 21-karat raw gold, with 1 to 2.5 grams lost per kilogram during this process. He pointed out that there is additional gold loss during manufacturing, with 3 to 4 grams lost per kilogram, which is added to the manufacturing cost, in addition to the manufacturing and labor costs, all the way up to the shop's profit margin. Saleema emphasized that manufacturing costs rise with declining demand for gold, as low sales incur expenses for factories and shops. Conversely, manufacturing costs decline with increasing demand and market activity, as costs are distributed across a larger number of pieces. He also explained that types that require less manufacturing require higher manufacturing costs compared to those produced in large quantities. Salma noted that the manufacturing costs for 18-karat gold are often higher than for 21-karat gold, given that 18-karat gold is available in more diverse and high-quality models due to its hardness, which increases its manufacturing costs. 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 Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) 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
See - Sada Elbalad
27-04-2025
- Business
- See - Sada Elbalad
Gold Prices Decline 0.2% In Local ,Global Markets Over The Course Of A Week
Waleed Farouk Gold prices in local markets fell by 0.2% during trading in the week ending Saturday evening, while the ounce fell by 0.2% during trading in the week ending Friday evening. This was due to the easing of trade tensions between the United States and China and the appreciation of the dollar, which pressured demand for safe havens. Gold prices in local markets fell by EGP 10 during trading last week, with 21-karat gold opening at EGP 4,785, reaching EGP 4,850, and closing at EGP 4,775. Meanwhile, the ounce fell by $8, opening at $3,327 and closing at $3,319. The price of a gram of 24-karat gold reached EGP 5,457, while the price of a gram of 18-karat gold reached EGP 4,093. The price of a gram of 14-karat gold reached approximately EGP 3,184, and the gold pound reached approximately EGP 38,200. According to the daily report of the "iSaaga" platform, gold prices in local markets fell by approximately EGP 5 during trading yesterday, Saturday. The price of a gram of 21-karat gold opened at EGP 4,780 and closed at EGP 4,775, coinciding with the weekly global stock exchange holiday. Gold prices in local markets witnessed sharp price fluctuations during trading this week, due to the uncertainty and ambiguity caused by the conflicting economic decisions of the US administration. Easing trade tensions between the United States and China and a stronger dollar have pressured the yellow metal. Reports that Beijing has begun exempting some US goods from its 125% tariffs have sparked optimism about a possible resolution to the trade dispute, negatively impacting safe-haven assets like gold. Tariff exemptions are a step toward calming tensions, reducing concerns about prolonged global trade disruption. However, they often put pressure on gold as demand for safe havens declines. Uncertainty, ongoing concerns about global economic growth, and aggressive central bank gold buying support gold's long-term rally. HSBC's annual Reserve Management Trends Report, conducted in partnership with the Central Banking Sector, showed that 37% of respondents plan to increase their gold allocations in the coming year. The report stated: "For most of those planning to do so, gold is viewed as a portfolio diversifier, and many also see it as a long-term store of value, a good performer in times of crisis, and a geopolitical diversifier." The report indicated that US protectionist policies emerged as the biggest risk facing central banks today—despite the HSBC annual survey being conducted before the US tariff announcements set for early April 2025, which shook financial markets. In a related context, markets are awaiting the release of the US JOLTS report for March, the first reading of GDP for the first quarter of 2025, the ISM manufacturing PMI, and April nonfarm payrolls figures. 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 Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) 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
See - Sada Elbalad
26-04-2025
- Business
- See - Sada Elbalad
Gold Prices Decline Slightly In Local Markets
Waleed Farouk Gold prices declined in local markets during trading today, Saturday, coinciding with the global stock market's weekly holiday. The ounce fell by 0.2% at the end of a week that witnessed sharp fluctuations due to the trade truce between the United States and China. Gold prices fell by EGP 5 during today's trading, compared to yesterday's closing price, with the price of a gram of 21-karat gold reaching EGP 4,775, while the price of an ounce fell by $8 at the end of the week's trading, reaching $3,319. The price of a gram of 24-karat gold reached EGP 5,457, while the price of a gram of 18-karat gold reached EGP 4,093, while the price of a gram of 14-karat gold reached approximately EGP 3,184, and the gold pound reached approximately EGP 38,200. According to the daily report of the "iSaaga" platform, gold prices in local markets fell by EGP 40 during trading on Friday. A gram of 21-karat gold opened at EGP 4,820 and closed at EGP 4,780. Meanwhile, an ounce fell by $30, opening at $3,349 and closing at $3,319. Gold prices in local markets witnessed sharp price fluctuations during trading this week, due to the uncertainty and ambiguity created by the conflicting economic decisions of the US administration. Improved demand for the dollar led to gold losing some of its gains from last Thursday's trading, despite a decline in US bond yields. The de-escalation of the US-China trade war led to a sharp decline in gold prices. Markets remain volatile, with investor sentiment oscillating between risk appetite and risk aversion, due to statements by US President Donald Trump. Earlier, press reports revealed that China wanted to exempt some American products from tariffs. Markets reacted positively to the news, but US President Donald Trump later said in press statements that he "wouldn't lift tariffs on China unless they gave us something." The University of Michigan Consumer Confidence Index fell in April from 57 to 52, and consumers' one-year inflation expectations rose from 5% to 6.5%, and their five-year inflation expectations rose to 4.4% from 4.1%. On Thursday, Cleveland Federal Reserve President Beth Hammack stated that the Fed could take action in June if the data supported it, but emphasized that uncertainty weighed heavily on the developments. The growing market expectations of the US Federal Reserve cutting interest rates by more than 85 basis points will strengthen gold and push it higher. In a related development, markets are awaiting the release of the US JOLTS report for March, the first reading of GDP for the first quarter of 2025, the ISM Manufacturing Purchasing Managers' Index (PMI), and April nonfarm payrolls figures next week. 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 Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) 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
See - Sada Elbalad
22-04-2025
- Business
- See - Sada Elbalad
Continued Geopolitical Volatility ,Uncertainty Boost Investor Appetite For Gold As A Strategic Safe Haven
Waleed Farouk Gold prices rose in local markets during trading on Tuesday, with the ounce on the global stock exchange reaching a new record high. This was driven by escalating trade disputes between the United States and China, geopolitical instability, and growing doubts about the course of the US Federal Reserve's policy. Gold prices rose by EGP 50 during trading today, compared to yesterday's close, with the price of 21-karat gold reaching EGP 4,950 per gram, while the price of an ounce rose by $78 to $3,405. The price of 24-karat gold reached EGP 5,657 per gram, the price of 18-karat gold reached EGP 4,243 per gram, and the price of 14-karat gold reached approximately EGP 3,300 per gram, while the price of the gold pound reached approximately EGP 39,600 per gram. According to the weekly report of the "iSaaga" platform, gold prices in local markets rose by EGP 115 during trading yesterday, Monday. A gram of 21-karat gold opened at EGP 4,785 and closed at EGP 4,900. Meanwhile, an ounce rose by $97, opening at $3,327 and closing at $3,424. Gold prices in local markets recorded their highest levels, with the price of a gram of 21-karat gold touching EGP 5,000 for the first time in its history. This was due to the rise of an ounce on the global stock exchange to a record high of $3,500. This was a result of the decline of the dollar and growing concerns about a global economic slowdown amid escalating trade tensions between the United States and China. Markets are experiencing a state of instability due to growing uncertainty, as the US political campaign to pressure the independence of the US Federal Reserve has strengthened gold. US President Donald Trump launched a scathing attack on Federal Reserve Chairman Powell over his policy of continuing to raise interest rates, stating that he is considering any means or possibilities to replace the president with someone Trump has chosen to quickly lower US interest rates. President Trump's approach to the Federal Reserve's interest rate cuts poses a threat to the central bank's independence, pushing the US dollar to its lowest level since 2022. The renewed trade conflict has destabilized financial markets and prompted risk-averse investors to turn to gold as a hedge. Tensions escalated after the United States announced additional tariffs on Chinese imports, raising fears of a broader slowdown in global trade. Beijing responded with stern warnings against bilateral agreements with the US, indicating a deterioration in diplomatic relations. Analysts noted that gold continues to benefit as confidence in the US dwindles due to the ongoing trade war. China has escalated its ongoing conflict with the US, saying it will retaliate against countries that submit to US demands to isolate Beijing. China also took new trade steps to isolate the United States in global commodity markets, reducing its imports of American oil by 90% and purchasing record quantities of crude from Canada. Meanwhile, China increased its imports of soybeans from Brazil. In a related development, markets are awaiting preliminary PMI data, the durable goods report, and the final consumer confidence index, along with statements from several Federal Reserve officials, for clearer indications on the future of US 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 Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple
See - Sada Elbalad
21-04-2025
- Business
- See - Sada Elbalad
Gold Sweeps Markets, Reaching New Highs Locally ,Globally
Waleed Farouk Gold prices rose in local markets during trading on Monday, with the ounce on the global stock exchange reaching a new record high. This was driven by increased demand due to the weak US dollar and fears of a global economic slowdown amid escalating trade tensions between the United States and China. Gold prices rose by EGP 90 during today's trading, compared to the closing price of the week last Saturday evening. The price of a gram of 21-karat gold reached EGP 4,875, while an ounce rose by $78 to $3,405. A gram of 24-karat gold reached EGP 5,572, a gram of 18-karat gold reached EGP 4,179, while a gram of 14-karat gold reached approximately EGP 3,250, and the gold pound reached approximately EGP 39,000. According to the weekly report of the "iSaaga" platform, gold prices in local markets rose by 2.6%, or EGP 120, during last week's trading. A gram of 21-karat gold opened at EGP 4,665, touching EGP 4,800, its highest level ever, and closing at EGP 4,785. Meanwhile, an ounce rose by 2.7%, or $89, opening at $3,238, touching $3,358, its highest level ever, and closing at $3,327. Gold prices in local markets recorded their highest levels ever, with the ounce rising on the global stock exchange to a record high of $3,405. This increase in demand stemmed from the decline of the dollar and concerns about a slowing global economy amid escalating trade tensions between the United States and China. The Federal Reserve's independence is under threat, weakening the dollar's strength and causing it to fall to a three-year low, as US President Donald Trump considers firing Federal Reserve Chairman Jerome Powell. US President Trump criticized Powell for not cutting interest rates, despite significant declines in commodity and oil prices. "The Federal Reserve should be cutting interest rates for the American people. That's the only thing he's good at," Trump said on Friday. He added, "I'm not happy with him. If I wanted to fire him, I'd be fired quickly, believe me." Meanwhile, White House economic advisor Kevin Hassett confirmed that the president and his team are exploring ways to remove Powell. "The president and his team will continue to study this issue," Hassett said on Friday. US President Donald Trump's sweeping tariffs, coupled with the uncertainty surrounding his trade policies, have turbulent global markets and clouded the economic outlook for the world's largest economy, prompting investors to withdraw from US assets. Gold prices in local markets have risen by EGP 1,135, or 30%, since the beginning of the year. The price of a gram of 21-karat gold opened the year at EGP 3,740 and closed the week at EGP 4,875. Meanwhile, the price of an ounce on the global stock exchange has risen by approximately $781, or 30%, since the beginning of the year. Trading opened at $2,624 and closed last week at $3,405, according to data from the iSaaga platform. In a related development, markets are awaiting preliminary purchasing managers' index (PMI) data, the durable goods report, and the final consumer confidence index data during this week's trading, along with statements from some members of the US Federal Reserve, for clearer indications about the future of US monetary policy in the coming period. 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 Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) 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 Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer
