PM: Egypt's Unemployment Rate Drops to 6.4%
Egyptian Prime Minister Mostafa Madbouly announced a significant drop in the country's unemployment rate to 6.4%, marking a notable improvement in the labor market. He also revealed a major healthcare investment, confirming that Italy's largest hospital group, San Donato, will establish a state-of-the-art hospital in Egypt with an investment of $100 million. The project aims to deliver world-class medical services and strengthen Egypt's healthcare sector.
Madbouly also discussed key economic and trade developments. He met with the advisory committee on real estate exports, reaching agreements on several investment-related files. Additionally, discussions with the economic advisory committee led to consensus on new economic strategies and initiatives.
On the economic front, Madbouly reaffirmed his commitment to stabilizing markets and ensuring the availability of essential goods. He highlighted ongoing efforts to monitor food supply chains daily and confirmed that Egypt has launched 120 "Ahlan Ramadan" fairs and 220 single-day markets across the country to ensure affordable access to essential goods during the holy month. He also confirmed the opening of a major "Ahlan Ramadan" market in Giza soon.
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LG Egypt Launches New Phase of Its 'Better Home' Initiative in Al Beheira to Improve Living Conditions - Sponsored
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Gold Prices Rise Amid Global Pressures and Shifting Egyptian Consumer Behavior
Waleed Farouk Gold prices rose in both local and international markets during Thursday's trading, driven by a weakening U.S. dollar, falling U.S. Treasury yields, and market anticipation ahead of key inflation data expected later today. Saeed Embabi, Executive Director of the "iSagha" platform for online gold and jewelry trading, stated that local gold prices increased by approximately EGP 10 compared to Wednesday's close, with 21-karat gold reaching EGP 4,530 per gram. Meanwhile, the global ounce price rose by around $37 to hit $3,308. The price of 24-karat gold stood at EGP 5,177, 18-karat at EGP 3,883, and 14-karat at EGP 3,020, while the gold pound recorded EGP 36,240. Yesterday, gold had declined by about EGP 45 per gram, dropping from EGP 4,565 to EGP 4,520, despite a slight global increase in the ounce price from $3,271 to $3,325. Fed Decisions and Global Market Impact Embabi pointed out that today's price rebound followed a sharp decline at the end of Wednesday's session, influenced by the U.S. Federal Reserve's decision to maintain interest rates at 4.25%-4.50%, which triggered a wave of selling in international markets. Despite the Fed's hold on interest rates, inflation concerns persist. In its statement, the Fed slightly adjusted its economic outlook, noting a slowdown in growth during the first half of the year. An internal division also emerged in the Federal Open Market Committee, with members Michelle Bowman and Christopher Waller voting in favor of a rate cut. Despite this divergence, markets still anticipate two potential rate cuts in 2025, with the first possibly occurring in September, driven by slowing growth and weakening consumer spending. Fed Chair Jerome Powell, however, provided no clear guidance regarding the September meeting, emphasizing that it's still "too early" to determine the direction of monetary policy. Market attention now turns to new tariff policies and upcoming inflation data, particularly the Fed's preferred inflation gauge—Core Personal Consumption Expenditures (PCE)—set to be released later Thursday. Trump's Tariffs Boost Demand for Gold On another front, newly announced protectionist measures by U.S. President Donald Trump have contributed to a surge in global gold demand. The measures include reinstated tariffs on imports from South Korea, Brazil, and India, along with the removal of exemptions for low-value shipments. Key actions include a 15% tariff on South Korean goods and a 50% tariff on Brazilian imports. Despite Trump's optimistic remarks about trade talks with China, markets remain cautious about potential disruptions ahead of the August 1 deadline for reciprocal trade agreements. Shifting Egyptian Consumer Behavior Toward Gold On the domestic front, Embabi highlighted World Gold Council data for Q2 2025, which shows clear shifts in how Egyptian consumers approach gold—both in traditional jewelry purchases and in direct investment through bullion and coins. He explained that these shifts reflect a changing economic landscape. Gold is no longer viewed solely as a stable, traditional safe haven, but rather as an asset whose role is being reassessed amid economic volatility. Jewelry Purchases Decline Purchases of gold jewelry in Egypt fell to approximately 5.7 tons in Q2—down 17% year-on-year and also lower than the 6.4 tons recorded in Q1. Embabi attributed the decline to weak consumer purchasing power, as the U.S. dollar surpassed EGP 50 locally, and global price volatility caused many to delay buying decisions. Purchases are now driven mostly by necessity (such as for weddings), or through selling existing holdings to capitalize on price differences. He added that this behavior is no longer unusual but rather represents a broader trend, as rising living costs have eroded the culture of long-term savings among Egyptian households. Cautious Return to Bullion and Coins In terms of direct investment, bullion and coin purchases declined 23% year-on-year to 5.9 tons in Q2. However, there was a noticeable increase compared to Q1, which saw 4.7 tons sold. Embabi noted this reflects a gradual return of individual investors to gold as a hedging tool, especially given the lack of attractive investment alternatives, with the real estate market stagnating and inflation making it difficult for financial instruments to offer real returns. He emphasized that gold is no longer purchased solely for long-term savings but is increasingly used as a dynamic tool for short- to medium-term risk management. Egyptian consumers are now more market-savvy, monitoring prices closely, postponing or making decisions to buy or sell based on perceived value. Embabi expects cautious demand for jewelry to persist, while bullion and coin sales may experience a mild recovery if prices continue to rise or stabilize. He concluded by stressing that gold will remain ingrained in the Egyptian mindset as a store of value, but the way it is utilized has evolved—clearly reflected in both recent data and consumer behavior patterns. 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 Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Arts & Culture Lebanese Media: Fayrouz Collapses after Death of Ziad Rahbani Sports Get to Know 2025 WWE Evolution Results
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Egypt's Gold Jewelry Purchases Drop 17% in Q2 2025
Waleed Farouk Egyptian demand for gold jewelry saw a notable decline in the second quarter of 2025, falling by 17% compared to the same period last year, according to a report released Thursday by the World Gold Council. The report stated that Egyptians purchased approximately 5.7 tonnes of gold jewelry in Q2 2025, down from 6.8 tonnes in Q2 2024, and lower than the 6.4 tonnes recorded in the first quarter of this year. Saeed Imbaby, Executive Director of the "iSagha" platform, attributed the drop to a surge in resale activity as individuals capitalized on high gold prices to lock in profits. Speaking to the 'Ayar 24' news outlet, Imbaby explained that the record-breaking global gold prices, coupled with the local exchange rate surpassing 50 Egyptian pounds per US dollar, contributed to weakened consumer demand. He noted that gold purchases in Egypt have become more necessity-driven — such as for weddings — or come from investors shifting away from sectors like real estate. These investors aim to temporarily preserve capital in gold, intending to sell within six to twelve months. This domestic decline comes in contrast with the broader global trend. The World Gold Council reported an increase in global demand for gold in Q2 2025, driven by strong investment demand, despite a drop in central bank purchases. According to the report, total global demand for gold — including over-the-counter (OTC) trading — reached 1,248.8 tonnes during the second quarter, marking a 3% year-on-year increase. Investment demand surged by 78%, supporting the overall growth. Conversely, central bank gold purchases declined significantly, totaling 166.5 tonnes in Q2 — about one-third less than in Q1. This pushed total central bank acquisitions in the first half of the year to their lowest level since 2022. Jewelry consumption globally also declined by 14%, falling to 341.0 tonnes — the lowest level since Q3 2020. Commenting on these developments, John Reade, Chief Market Strategist at the World Gold Council, said that rapid price increases reduced the incentive for some central banks to continue buying. He added that the sharp gains raised concerns among investors about potential future price corrections, which in turn dampened demand. 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 Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Arts & Culture Lebanese Media: Fayrouz Collapses after Death of Ziad Rahbani Sports Get to Know 2025 WWE Evolution Results
