Latest news with #Embaby
Daily News Egypt
08-07-2025
- Business
- Daily News Egypt
Gold slips on diminished rate-cut hopes, rising trade tensions: iSagha
Gold prices edged lower during Tuesday's trading session, weighed down by a stronger US dollar and waning expectations of an imminent interest rate cut by the Federal Reserve. The decline also reflects growing investor unease over escalating global trade tensions, particularly in light of recent comments by US President Donald Trump, according to a report by iSagha, the online gold and jewellery trading platform. Said Embaby, CEO of iSagha, said that gold prices in Egypt fell by approximately EGP 10 compared to Monday's close. The price of 21-karat gold dropped to EGP 4,635 per gram, while the international ounce price declined by around $12 to reach $3,325. The local market also saw 24k gold priced at EGP 5,297 per gram, 18k at EGP 3,973, and 14k at EGP 3,090. Meanwhile, the price of a gold pound settled at EGP 37,080. On Monday, gold had posted modest gains, rising by around EGP 5. The 21k gram opened at EGP 4,640, fell to EGP 4,610, and closed at EGP 4,645. The ounce traded within a narrow range, opening and closing at $3,337 after dipping briefly to $3,303. Embaby attributed Tuesday's decline in local prices to reduced liquidity in the market and a noticeable uptick in gold resale activity by citizens. Many opted to sell part of their holdings to either capitalise on recent high prices or meet urgent financial needs. 'Gold remains one of the most liquid and widely accepted assets globally,' Embaby noted, highlighting its dual role as both an inflation hedge and a flexible savings instrument. 'Its ability to be quickly converted into cash without cumbersome procedures makes it a preferred option for families facing rising living costs.' He also pointed to external factors, including the strengthening US dollar and renewed aggressive trade rhetoric from Trump. The former president recently proposed a 10% tariff on imports from countries aligned with the BRICS bloc, suggesting August 1 as the implementation date. He also threatened additional tariffs on numerous Asian and African nations, stating there would be no exemptions for states pursuing policies deemed 'anti-American.' Embaby warned that Trump's proposed tariffs could stoke inflationary pressures, prompting the Federal Reserve to maintain elevated interest rates for a longer duration. This, in turn, could reduce gold's attractiveness as a non-yielding asset, thereby exerting further downward pressure on prices. However, he added that intermittent weakness in the US dollar has helped cap some of gold's losses. The greenback has struggled to sustain momentum amid concerns over the US fiscal outlook and uncertainty surrounding the broader economic implications of Trump's proposed trade policies—factors that continue to lend some support to gold as a safe haven. Embaby concluded by noting that investors are closely watching the upcoming release of the Federal Open Market Committee (FOMC) meeting minutes, due Wednesday. The minutes are expected to offer clearer signals on the Fed's monetary policy path for the remainder of the year.
Zawya
05-05-2025
- Business
- Zawya
Gold prices drops in Egypt's local market: iSagha
Gold prices in Egypt's local markets fell by 2.9% during the week ending Saturday, while global gold prices declined by 2.3% over the week ending Friday, driven by a stronger US dollar and signs of easing trade tensions between the United States and China, according to a report from the iSagha platform. Said Embaby, CEO of iSagha, an online platform for gold and jewelry trading, stated that the price of 21-karat gold dropped by EGP 140 over the week, opening at EGP 4,775 per gram and closing at EGP 4,635. On the global level, gold prices fell by $78 per ounce, from $3,319 to $3,241. Embaby noted that 24k gold reached EGP 5,297 per gram, 18k gold stood at EGP 3,973, while 14k gold was priced at EGP 3,090 per gram. Meanwhile, the price of a gold pound declined to EGP 37,080. He highlighted that since peaking at EGP 5,000 per gram on April 22, local gold prices have dropped by EGP 365. Embaby advised against purchasing gold during sharp and consecutive price increases, urging buyers to wait for market stability to avoid losses. He emphasized that more favorable buying and selling opportunities arise during periods of relative calm. According to Embaby, gold sales in Egypt had improved noticeably in recent weeks amid rising prices, as many citizens rushed to buy out of fear of missing out on further increases—a move that could either result in short-term gains or eventual losses if prices retreat. On the global stage, gold prices were weighed down by profit-taking activity and signs of progress in US-China trade relations. Recent US employment data released on Friday also contributed to the decline, prompting investors to lock in profits. China revealed it is considering a US proposal to resume trade talks, marking what could be a significant step toward resolving the prolonged trade dispute between the world's two largest economies. Analysts suggest that recent economic indicators might encourage the US Federal Reserve to consider a rate cut during its upcoming meeting on Wednesday, May 7. However, the Fed has so far maintained a neutral stance, citing a resilient labor market and ongoing inflation risks. Gold prices have dropped more than 7% since their peak of $3,500 per ounce on April 22. Nevertheless, prices remain up roughly 24% year-to-date, supported by lingering economic uncertainty and volatility in US politics. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. ( Daily News Egypt
Daily News Egypt
05-05-2025
- Business
- Daily News Egypt
Gold prices drop by EGP 140 in local market over one week: iSagha
Gold prices in Egypt's local markets fell by 2.9% during the week ending Saturday, while global gold prices declined by 2.3% over the week ending Friday, driven by a stronger US dollar and signs of easing trade tensions between the United States and China, according to a report from the iSagha platform. Said Embaby, CEO of iSagha, an online platform for gold and jewelry trading, stated that the price of 21-karat gold dropped by EGP 140 over the week, opening at EGP 4,775 per gram and closing at EGP 4,635. On the global level, gold prices fell by $78 per ounce, from $3,319 to $3,241. Embaby noted that 24k gold reached EGP 5,297 per gram, 18k gold stood at EGP 3,973, while 14k gold was priced at EGP 3,090 per gram. Meanwhile, the price of a gold pound declined to EGP 37,080. He highlighted that since peaking at EGP 5,000 per gram on April 22, local gold prices have dropped by EGP 365. Embaby advised against purchasing gold during sharp and consecutive price increases, urging buyers to wait for market stability to avoid losses. He emphasized that more favorable buying and selling opportunities arise during periods of relative calm. According to Embaby, gold sales in Egypt had improved noticeably in recent weeks amid rising prices, as many citizens rushed to buy out of fear of missing out on further increases—a move that could either result in short-term gains or eventual losses if prices retreat. On the global stage, gold prices were weighed down by profit-taking activity and signs of progress in US-China trade relations. Recent US employment data released on Friday also contributed to the decline, prompting investors to lock in profits. China revealed it is considering a US proposal to resume trade talks, marking what could be a significant step toward resolving the prolonged trade dispute between the world's two largest economies. Analysts suggest that recent economic indicators might encourage the US Federal Reserve to consider a rate cut during its upcoming meeting on Wednesday, May 7. However, the Fed has so far maintained a neutral stance, citing a resilient labor market and ongoing inflation risks. Gold prices have dropped more than 7% since their peak of $3,500 per ounce on April 22. Nevertheless, prices remain up roughly 24% year-to-date, supported by lingering economic uncertainty and volatility in US politics.
Daily News Egypt
15-03-2025
- Business
- Daily News Egypt
Gold hits record high as ounce surpasses $3,000, gaining 2.6% in one week
Gold prices in local markets saw a slight decline on Saturday, coinciding with the global market's weekend break, after the ounce crossed the $3,000 mark for the first time in history, recording a 2.6% weekly gain. The surge was fueled by increased demand for safe-haven assets, amid expectations of a US Federal Reserve interest rate cut and concerns over a global trade war, according to a report by the iSagha platform. Saeed Embaby, CEO of the online gold and jewelry trading platform iSagha, stated that local gold prices dropped by EGP 5 on Saturday compared to Friday's close, with 21k gold settling at EGP 4,200 per gram. Meanwhile, the ounce gained approximately $75 over the week, closing at $2,985. Embaby added that 24k gold recorded EGP 4,800 per gram, 18k gold stood at EGP 3,600 per gram, and 14k gold reached EGP 2,800 per gram, while the gold pound was priced at EGP 33,600. According to iSagha's daily report, local gold prices fell by EGP 5 on Friday, with 21k gold opening at EGP 4,210, peaking at EGP 4,225, and closing at EGP 4,205. On the global exchange, gold prices declined by $4, with trading opening at $2,989 per ounce, reaching a high of $3,004, and settling at $2,985. Embaby explained that gold prices surged after the ounce breached the $3,000 threshold, driven by concerns over global economic growth and heightened trade war risks linked to former U.S. President Donald Trump's policies. Uncertainty surrounding U.S. trade policies has raised fears of a global trade conflict, potentially leading to higher inflation and an economic slowdown in both the U.S. and international markets. This has resulted in a weaker dollar and declining US stocks, further boosting gold's appeal. He also noted that recession fears in the U.S. have contributed to a sharp decline in the dollar's value, especially as expectations grow for Federal Reserve interest rate cuts. This has strengthened gold's position as a preferred investment, with both individuals and institutions increasingly turning to it as a hedge against economic instability.
The National
25-02-2025
- Business
- The National
IMI appoints new chief people officer to boost group talent strategy
Business Ahmed Embaby has more than three decades of experience at global companies in the Middle East, South Africa and Turkey Abu Dhabi-based International Media Investments has appointed Ahmed Embaby as its new chief people officer, boosting the group's talent strategies and organisational effectiveness. Mr Embaby brings more than three decades of experience across global companies including Pfizer, PepsiCo and Oracle, in multicultural environments spanning the Middle East, South Africa and Turkey. In those roles, he designed and implemented leadership assessment processes, restructured executive roles and spearheaded human capital integrations during major acquisitions – boosting operational efficiency and elevating employee experiences. At IMI, Mr Embaby will oversee the human capital strategy across its portfolio of media brands, including Sky News Arabia, The National, Al Ain News and CNN Business Arabic. IMI is a privately owned, global media group headquartered in Abu Dhabi, with operations across 19 countries. Through RedBird IMI, its joint venture with RedBird Capital Partners, IMI invests in leading media, sports and entertainment brands globally. 'Ahmed's appointment highlights our commitment to cultivating a high-performing culture by attracting and developing best-in-class talent,' said IMI chief executive Rani Raad. 'He will lead strategic initiatives to enhance talent acquisition, employee engagement and organisational development, ensuring our workforce remains a key driver of our industry leadership.' Mr Embaby holds a bachelor's degree in management information system from USI University Europe – England, and has completed executive leadership programmes at the University of Michigan's Stephen M Ross School of Business and IESE Business School, as well as certifications in leadership and human development. 'I look forward to collaborating with the group's talented team to strengthen capabilities, foster operational excellence and create a work environment that encourages innovation, all in line with the group's vision and ambitious goals for the future,' Mr Embaby said.
