Silver Prices Rise 2.3% in Egyptian Market
Taarek Refaat
Silver prices in Egypt saw a significant increase by 2.3% during last week's trading, coinciding with a 3% increase per ounce on the global stock exchange, amid geopolitical and economic uncertainty, according to a report issued by the Safe Haven Hub.
The report added that the price of a gram of 800 silver rose by one Egyptian pound during last week's trading, opening at EGP 44 and closing at EGP 45.
The price of a gram of 999 fine silver reached approximately EGP 56, while the price of a gram of 925 sterling silver reached approximately EGP 52, and the price of a pound reached EGP 416.
International Silver Prices:
The price of an ounce on the global stock exchange saw a slight decrease of one dollar, opening the week at $33 and closing at $34.
Despite silver hitting a five-month high, it fell to $34 at the close of trading on Friday, after touching $34.58 before retreating due to profit-taking.
Silver remains the only precious metal trading below its all-time high of 1980, raising speculation about price manipulation to keep it low. This is despite several factors supporting silver's rise, such as rising inflation, increased physical demand, a supply shortage, and the massive rise in gold prices.
In light of these facts, a group of investors launched an online campaign on social media platforms, particularly X, under the name "Silver Squeeze 2.0," calling for a mass purchase of silver on March 31st.
The campaign aims to challenge the paper market, which some describe as "manipulated." This campaign is similar to the actions led by Reddit investors in 2021, which led to significant increases in silver prices.
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