Citizens' Demand For Silver Increased By 35% During The First Quarter Of 2025
Waleed Farouk
Silver prices in local markets rose by 4.3% during last week's trading, with the global ounce rising by 0.9%. This was due to the weak US dollar and the escalating trade dispute between the United States and China, according to a report by the Safe Haven Hub.
The report indicated that silver prices in local markets rose by EGP 2 during last week's trading, with the price of a gram of 800-karat silver opening at EGP 47 and closing at EGP 49. Meanwhile, the global ounce rose by $0.29, opening at $32.24 and closing at $32.53. He added that the price of a gram of 999-karat silver reached EGP 61, while the price of a gram of 925-karat silver reached EGP 56.50, while the silver pound (925-karat) reached EGP 452.
Silver prices rose in local markets, supported by the rise in the ounce price on the global stock exchange, the rise in the dollar exchange rate in the local market, and increased demand.
The Safe Haven report revealed that the price of silver in the local market rose by about EGP 7 compared to the global price, as a result of local markets evaluating silver prices at a dollar exchange rate of EGP 55.60.
The report indicated increased demand for silver from Egyptians during the first quarter of this year, especially with the rise in gold prices and the decline in citizens' purchasing power.
The report added that the rate of demand for silver bullion purchases ranged between 30 and 35%, and is included in individual and corporate purchases.
The report monitored the growth in the use of silver bullion as an alternative to gifts and special occasions by companies, particularly in investment sectors such as banking, real estate, and telecommunications. Safe Haven also noted the use of silver bullion as gifts during the holy month of Ramadan, particularly as prizes for Quran memorization competitions.
The report predicted that silver would capture a significant share of the Egyptian market this year and become a wedding requirement, given its status as a store of value like gold. Egyptian families can use it to balance the weight of their silver wedding rings, such as a one-kilo or half-kilo ring.
The report indicated rising silver prices in local markets, supported by the rise in the ounce price on the global stock exchange, the rise in the dollar exchange rate in the local market, and increased demand.
Silver prices rose on the global stock exchange, driven by increased investor demand amid the escalating trade dispute between the United States and China and growing bets on the US Federal Reserve cutting interest rates.
Meanwhile, the Silver Institute published its 2025 silver survey, predicting that the precious metal will experience a deficit for the fifth consecutive year, albeit the smallest imbalance in four years. Silver is expected to see a deficit of 117 million ounces, as demand declines slightly to 1.148 billion ounces, while total supply increases by 1.5% due to rising mine production.
The Silver Institute expects industrial demand for silver to remain relatively stable this year at approximately 677.4 million ounces.
The trade conflict between the United States and China may increase risks to industrial demand for silver amid uncertainty. Silver has faced difficulties in recent weeks, with investors fearing that industrial demand will be damaged if the global economy enters a recession.
China is one of the largest importers of silver for industrial use, so markets are anticipating the impact of the trade conflict on demand 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
Arts & Culture
Arwa Gouda Gets Married (Photos)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Middle East
3 hours ago
- Middle East
OPEN// Egypt, Austria hold political talks, sign MoU to boost relations
CAIRO, June 28 (MENA) – Foreign Affairs, Emigration and Expatriates Minister Badr Abdelatty held political consultations on Saturday with Austria's Foreign Minister Beate Meinl-Reisinger, with delegations from both countries in attendance. The talks focused on strengthening bilateral relations and addressing regional and international developments, said foreign ministry spokesperson Tamim Khallaf, pointing out that Abdelatty emphasized Egypt's desire to strengthen all aspects of bilateral ties and build on outcomes from recent high-level visits, including the Austrian chancellor's trip to Cairo in March 2024. He stressed the importance of expanding cooperation across various sectors—particularly economic, trade, and investment—by activating the joint committee and encouraging Austrian investments in Egypt. The ministers also discussed boosting collaboration in labor-related domains, as well as in scientific, cultural, and tourism exchange, renewable energy, and counterterrorism efforts. The consultations also addressed a range of regional and international issues of mutual concern, the spokesman said, noting that the two ministers reviewed developments related to the ceasefire between Israel and Iran. Abdelatty underscored the need to maintain the ceasefire and de-escalate tensions, directing attention to Egypt's efforts to contain the situation and promote political and diplomatic solutions. He also highlighted the deteriorating humanitarian situation in Gaza and the West Bank, briefing his Austrian counterpart on Egypt's initiatives to restore a ceasefire in Gaza and facilitate the delivery of humanitarian aid. The top Egyptian diplomat reiterated the need to create a political horizon for the implementation of the two-state solution, establishing a Palestinian state along the June 4, 1967 borders with East Jerusalem as its capital, describing this as the only viable path to lasting peace, security, and stability in the region. Abdelatty warned of the worsening conditions in the West Bank amid continued Israeli military operations and settler violence against civilians, stressing the urgent need to halt such actions. The two ministers also exchanged views on developments in Syria, Lebanon, Libya, Sudan, and the Horn of Africa. Abdelatty reaffirmed Egypt's position on respecting sovereignty, unity, and territorial integrity of states, and the importance of supporting national institutions and pursuing political and diplomatic resolutions to regional crises. At the end of the talks, the ministers signed a memorandum of understanding to launch a political consultation mechanism between Egypt and Austria, aiming to elevate bilateral relations and expand cooperation. (MENA) R E E/
Daily News Egypt
4 hours ago
- Daily News Egypt
Egypt inaugurates first Bosch home appliance factory in Africa with €55m investment
Egypt's Prime Minister Mostafa Madbouly inaugurated the first African factory of BSH, the German-owned home appliance giant behind the Bosch brand, marking a milestone in Egypt's industrial development and regional positioning. Located in 10th of Ramadan City, the factory represents the company's first manufacturing base on the continent, with a total investment exceeding €55m. The facility is expected to generate around 1,000 direct and indirect job opportunities, with 50% of its production designated for export to markets across Africa and the Middle East. Accompanied by key ministers and senior officials, Madbouly affirmed that Egypt's economic reforms and investor-friendly incentives have successfully attracted major global industrial players. The Bosch plant, he said, will serve as a strategic launchpad for regional expansion, leveraging Egypt's geographic advantage, skilled labour, and growing domestic market. Top executives from BSH Global attended the inauguration and praised Egypt's strategic positioning and the strong support extended by local authorities. Built over an 80,000-square-metre plot, the factory will manufacture more than 350,000 gas ovens annually using 100% Egyptian labour and German engineering expertise. The facility adopts a new BSH production model focused on integrating the local workforce rather than relying heavily on automation—an approach designed to capitalise on Egypt's labour cost advantage while upholding Bosch's global quality standards. This project aligns with Egypt's broader industrial strategy and vision to become a regional hub for manufacturing and export. BSH also confirmed its intention to expand the facility in future phases, further increasing production capacity and employment opportunities. Prime Minister Madbouly toured the production lines and met with workers, reiterating the government's commitment to supporting industrial investment, strengthening local supply chains, increasing exports, and facilitating technology transfer. In his remarks, Luis Alvarez, Chairperson of BSH Egypt and Morocco, explained that the decision to establish BSH's first African factory in Egypt reflects a long-term strategic vision. He highlighted Egypt's potential as a gateway to continental and regional markets and noted that the country is now home to BSH's 40th production facility worldwide. BSH operates 39 factories across Europe, North America, and Asia and maintains a presence in more than 60 countries. The new Egyptian plant is now a critical link in this global network and will serve as a springboard into emerging markets across the Global South. Designed with strict sustainability standards, the factory combines advanced infrastructure with local talent. BSH plans to export 50% of its output to the Middle East, Africa, Australia, Canada, and Latin America. Ahmed Riad, Executive Board Member and CFO of BSH Home Appliances Egypt, noted that the factory's 90 cm cookers were developed specifically to match Egyptian consumer preferences. The current local component ratio stands at 50%, with plans to exceed 70% within two years. He also revealed that BSH is exploring the possibility of expanding its product line beyond ovens and cookers, further strengthening Egypt's position as a regional manufacturing hub. Following the Bosch factory inauguration, Prime Minister Madbouly also opened Jumia's largest logistics warehouse in Egypt—a major development for the country's e-commerce and digital logistics infrastructure. Spanning over 27,000 square metres and equipped with state-of-the-art technologies, the new facility is designed to accelerate delivery times, enhance storage efficiency, and support Jumia's growing operations, particularly in Upper Egypt. It is expected to create approximately 10,000 direct and indirect jobs. The warehouse supports Egypt's goal to become a regional digital hub, aligning with Vision 2030 and national efforts to expand digital services, boost youth employment, and support tech-driven development. Minister of Communications and Information Technology Amr Talaat highlighted that the software powering Jumia's platform was developed locally by Egyptian engineers. Jumia Egypt CEO Abdellatif Olama emphasised the strategic importance of Egypt within Jumia's regional operations. The country hosts one of the company's largest tech hubs in Africa and plays a pivotal role in exporting digital solutions across the continent. He reiterated Jumia's commitment to enhancing Egypt's role in Africa's digital transformation and to supporting local manufacturing and logistics ecosystems.
Daily News Egypt
4 hours ago
- Daily News Egypt
MSMEDA disburses EGP 57.5bn in project funding over 11 years: CEO
Bassel Rahmy, CEO of the Micro, Small and Medium Enterprise Development Agency (MSMEDA), announced that the agency has disbursed a total of EGP 57.5bn in funding for micro, small, and medium enterprises from July 2014 to May 2025. This figure marks a substantial increase compared to pre-2014 levels and reflects the state's intensified support for the sector since President Abdel Fattah Al-Sisi took office. Rahmy noted that this funding has contributed to the creation of more than 3.4 million job opportunities for Egyptian men and women, underpinning the agency's role in promoting employment and entrepreneurship nationwide. He added that 47% of total funding was channelled to governorates in Upper Egypt, aligning with the region's development priorities and financial needs. The announcement coincided with the celebration of World Micro, Small and Medium-sized Enterprises Day, held annually on 27 June. Rahmy highlighted the state's strategic commitment to supporting the small enterprise sector through comprehensive care, funding mechanisms, and the creation of an enabling environment that fosters the establishment and growth of industrial and productive projects. Since President Al-Sisi's inauguration, Rahmy explained, the state has launched numerous initiatives aimed at supporting citizens and encouraging them to embrace entrepreneurship and self-employment as a path to economic empowerment. These efforts reflect a deep understanding by the political leadership of the sector's critical role in driving economic development and industrial advancement. He emphasised that all relevant government bodies have worked in coordination to enhance the investment climate for small businesses, thereby maximising their contribution to the national economy. These efforts are in line with the directives of Prime Minister Mostafa Madbouly, who also chairs MSMEDA's Board of Directors. Rahmy also pointed to landmark progress in 2025, including successful cooperation with the Ministry of Finance and the Egyptian Tax Authority to implement Law No. 6 of 2025. The law addresses longstanding tax challenges for small businesses and introduces several key facilitations—most notably a simplified tax regime starting with a rate of 0.4% of annual turnover for businesses generating up to EGP 500,000, scaling up to 1.5% for those with turnover between EGP 10m and EGP 20m. The law also offers exemptions from stamp duties and other taxes. He affirmed MSMEDA's active role in integrating the informal economy into the formal sector through structured plans to regularise and legalise informal enterprises. These efforts are aimed at ensuring long-term project sustainability, improving productivity, and enabling access to the benefits offered under Law No. 152 of 2020 on Enterprise Development. The agency provides documentation and licensing services to help businesses operate legally, paving the way for them to access incentives such as marketing support and eligibility for the government's 40% procurement allocation to small enterprises. In the area of capacity building, Rahmy noted that MSMEDA has provided entrepreneurship training to more than 83,000 individuals. This initiative seeks to foster a new generation of skilled and capable entrepreneurs across Egypt. To enhance product marketing and commercial exposure for its clients, MSMEDA has organised 1,441 exhibitions featuring 32,492 project owners. These events generated total sales and contract values exceeding EGP 2.1bn. Rahmy concluded by calling on young people to take initiative by visiting the agency's branches across governorates or accessing its website to learn more about its financial and technical services. These services, he said, can support aspiring entrepreneurs in launching or expanding businesses across a wide range of sectors. World MSME Day was officially designated by the United Nations on 27 June following a proposal submitted by Egypt in 2016 via the World Association for Small and Medium Enterprises. The day aims to celebrate and recognise MSMEs globally as a fundamental pillar of economic growth and stability.
