Gold Gains EGP 920 Since Start of the Year as Escalating Risks Support Continued Price Growth
Gold prices in Egypt's local markets rose by approximately 0.4% during the week ending Saturday evening, in parallel with a 0.5% increase in global ounce prices. This was supported by a weaker U.S. dollar and political statements from President Donald Trump, which have heightened fears of a global trade war, according to a report from iSagha, an online platform specializing in gold and jewelry trading.
The price of 21-karat gold increased by EGP 20 over the past week, starting at EGP 4,640 per gram and closing at EGP 4,660. On global markets, the gold ounce gained $18, rising from $3,337 to $3,355.
Other gold prices in the local market,24K gold: EGP 5,326 per gram,18K gold: EGP 3,994 per gram,14K gold: EGP 3,107 per gram, Gold pound: EGP 37,280.
The local market remained relatively stable on Saturday, coinciding with the weekend closure of global exchanges. The 21K gold gram opened trading at EGP 4,660, dipped to EGP 4,650, then returned to close at the opening level.
Gold prices in local markets have surged by about 25%—an increase of approximately EGP 920—since the beginning of 2025. The 21K gold gram opened the year at EGP 3,740 and ended last week at EGP 4,660. Globally, the ounce rose by nearly 28%, gaining $731 over the same period. It opened the year at $2,624, reached a historic high of $3,500 on April 22, and closed last week at $3,355.
Egypt's policy of devaluing the pound against the dollar, aimed at curbing high inflation and addressing the dollar shortage, has contributed to the rise in local gold prices. This comes in addition to global factors such as geopolitical tensions, strong central bank gold purchases, the declining U.S. dollar, eroding confidence in the dollar as the dominant reserve currency, and the controversial fiscal and trade policies enacted by President Trump.
Trump's recent trade policies—including 35% tariffs on Canadian goods and raising overall tariffs on most trade partners from 10% to 15–20%, alongside a 50% tariff on copper imports—are expected to push gold prices even higher in the coming period.
Meanwhile, Austan Goolsbee, President of the Federal Reserve Bank of Chicago, stated that he does not understand the arguments in favor of lowering interest rates to reduce government debt, reaffirming that the Fed's core mandate is to promote employment and maintain price stability.
Looking ahead, markets are awaiting several key U.S. economic indicators next week, including the June Consumer Price Index (CPI), retail sales data, and initial jobless claims, in addition to a series of Federal Reserve officials' speeches before the pre-meeting blackout period begins on July 19.
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
Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters
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
News
"Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence"
News
Flights suspended at Port Sudan Airport after Drone Attacks
Arts & Culture
Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language
Videos & Features
Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mid East Info
43 minutes ago
- Mid East Info
Equities shrug off trade threats—but correction risk builds - Middle East Business News and Information
By Daniela Sabin Hathorn, senior market analyst at Despite a growing list of geopolitical and trade tensions, markets have remained surprisingly calm. With U.S. tariffs of up to 30% threatened on the European Union—mirroring earlier actions against Canada and Mexico—one might have expected heightened volatility, particularly with the August 1 deadline now looming. Yet equity markets, especially in the U.S., continue to show strong momentum. The prevailing view among investors seems to be that these tariff threats are more bark than bite—a negotiating tactic rather than a firm policy stance. This perception, while perhaps justified by historical patterns, introduces a significant asymmetry in market pricing. As one geopolitical strategist recently pointed out, only a fraction of the threats made during Trump's two terms have actually materialized. Markets appear to be betting that this pattern will hold, and that the so-called 'Taco Trade' strategy—bluster without follow-through—will once again play out. However, this assumption leaves markets vulnerable. Positive trade news continues to be bought into, fuelling a rally that has pushed indices like the S&P 500 and Nasdaq toward fresh record highs. But if August 1 arrives and tariffs are imposed at the scale currently proposed, it could lead to a sharp reversal as investors rapidly reprice risk. In short, markets have priced in a great deal of optimism, but very little of the potential downside. European equities tell a slightly different story. The continent's indices have already begun to unwind recent gains as the threat of trade retaliation grows more tangible. In contrast, U.S. indices have shown little evidence of concern, supported by strong momentum and a resilient appetite for risk. Still, with just over two weeks until the deadline, the clock is ticking on trade negotiations, and investors could be caught off guard if progress stalls. There is, however, still room for upside. If trade talks yield positive outcomes and tariffs are avoided or softened, markets could push even higher. While much good news is already priced in, equities still appear to be holding something back. A favourable resolution could remove the remaining risk premium, reignite risk appetite, and extend the rally. This dynamic is especially visible in valuations. While U.S. equities are trading above their 10-year average on a price-to-earnings basis, multiples have actually declined slightly from earlier in the year—particularly before the announcement of the Liberation Day tariffs. This suggests a modest discount is still being applied to account for unresolved trade risks. Should those risks be lifted, valuations could expand, bolstered by improved sentiment and earnings optimism—especially in U.S. tech stocks, which are set to dominate the upcoming earnings season. Ultimately, markets are at a crossroads. The rally, particularly in U.S. equities, has been driven by optimism and underpinned by assumptions about political behaviour. But those assumptions will be tested on August 1. Until then, the asymmetry remains: room to rise on good news, but the potential for a swift and severe correction if trade tensions escalate.
See - Sada Elbalad
2 hours ago
- See - Sada Elbalad
Palestine Deposits Ratification of Arab Land Transport Agreement
Mohamed Mandour The State of Palestine has formally deposited its instrument of ratification for the Agreement on the Regulation of the Transport of Goods by Land Between Arab States with the General Secretariat of the League of Arab States, officials announced Monday. The agreement, first adopted by the Arab League's Economic and Social Council in 2012 (Resolution 1916, Session 89) and subsequently endorsed by the League's Council (Resolution 7551, Session 138), aims to streamline and promote land-based trade among Arab countries by harmonizing regulations and reducing logistical barriers. The instrument of ratification was submitted on July 14 by H.E. Ambassador Muhannad Abdul Karim Al-Aklouk, Permanent Representative of the State of Palestine to the League of Arab States. Representing the League, H.E. Ambassador Dr. Mohamed El-Amin Ould Akik, Assistant Secretary-General and Head of the Legal Affairs Sector, countersigned the document. The ratification marks Palestine as the third country to do so, following Jordan and Saudi Arabia. The agreement is set to enter into force on August 13, 2025, thirty days after the third ratification was deposited, as stipulated under Article 64 of the agreement. In total, five Arab countries have signed the agreement: Jordan, Saudi Arabia, Morocco, Yemen, and Palestine. Of these, only three—Jordan, Saudi Arabia, and Palestine—have completed the ratification process. The agreement aims to facilitate international road transport of goods across the Arab region by establishing uniform standards on transport documentation, carrier liability, and the protection of all parties involved, while also ensuring the swift resolution of disputes. The signing ceremony was attended by senior Arab League officials, including Minister Plenipotentiary Dr. Sally Samir Sabry, Director of the Department of Treaties and International Law, and Minister Plenipotentiary Bahgat Abu Al-Nasr, Director of the Department of Transport and Tourism. 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 Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters 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 News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream
See - Sada Elbalad
3 hours ago
- See - Sada Elbalad
Egypt's Foreign Minister Heads to Brussels for EU Talks
H-Tayea Egypt's Minister of Foreign Affairs and Migration, Badr Abdelatty, departed for Brussels on Monday to attend the fifth ministerial meeting of foreign ministers from the European Union and the Southern Neighbourhood countries. The high-level diplomatic gathering comes at a pivotal moment as the European Union prepares to launch the Mediterranean Charter, a comprehensive strategic initiative aimed at redefining its partnership with the countries bordering the southern Mediterranean. The Charter, expected to be unveiled before the end of 2025, seeks to address shared regional challenges and create a more resilient, cooperative, and secure Mediterranean zone. Abdelatty's participation in the summit reflects Egypt's growing role as a regional power and strategic partner to the EU. As one of the largest and most influential countries in North Africa, Egypt has long played a central role in Euro-Mediterranean dialogue. The Brussels meeting is part of an ongoing consultation process that brings together EU member states and their southern partners to shape a common vision for sustainable development, migration governance, energy cooperation, and regional security. The Mediterranean Charter under discussion aims to respond to pressing issues that transcend national borders. From irregular migration and climate change to energy transitions and food security, the Charter is designed as a holistic framework to guide future collaboration. For the EU, this initiative is also about reinforcing stability in its immediate neighbourhood, while for Egypt and other southern partners, it represents a platform to secure greater investment, political dialogue, and mutual support in tackling domestic and regional challenges. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters 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 News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream
