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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.
Zawya
24-02-2025
- Business
- Zawya
Gold hits record highs amid market uncertainty, CBE purchases
Egypt - Gold prices surged in local markets on Saturday, coinciding with the weekend closure of global stock exchanges. This follows an eighth consecutive week of gains, with gold rising by 1.8% amid heightened global uncertainty and strong Central Bank of Egypt's (CBE) purchases, according to the iSagha platform. Saeed Embaby, CEO of iSagha for online gold and jewelry trading, reported that local gold prices increased by approximately EGP 5 on Saturday compared to Friday's closing rates. The price of 21k gold reached EGP 4,145 per gram, while the global ounce price climbed 1.8% ($53) during the week ending Friday evening, peaking at an all-time high of $2,955 on February 20. Embaby added that 24k gold was priced at EGP 4,737 per gram, 18k gold at EGP 3,553 per gram, and 14k gold at EGP 2,764 per gram. The price of a gold coin stood at EGP 33,160. He highlighted that this marks the longest weekly gold rally since mid-2000, when prices first surpassed $2,000 per ounce. He attributed the surge to geopolitical and economic instability driven by U.S. policies, prompting investors to turn to gold as a safe-haven asset. Last Friday saw a slight price dip due to profit-taking after the strong gains recorded earlier in the week. This decline was influenced by former US President Donald Trump's proposal to ease sanctions on Russia as part of a potential deal to end the Russia-Ukraine war. Despite this, ongoing market uncertainty is expected to push gold prices to new record highs in the near future, subsequently affecting local markets. The broader financial landscape remains volatile, with Trump's trade policies adding to global economic concerns. In addition to imposing a 25% tariff on cars, pharmaceuticals, and microchips, he has expanded tariffs on lumber and other soft commodities. These policies have fueled investor anxiety, further driving demand for gold as a hedge. Economic concerns are also reflected in the University of Michigan's Consumer Sentiment Index for February, which indicated a decline in US consumer confidence amid fears of rising costs due to tariffs. Meanwhile, the World Gold Council reported a 54% year-on-year increase in central bank gold purchases, reaching 333 tons following Trump's victory. Countries including China, Russia, and India have ramped up their gold reserves as part of a broader shift away from the U.S. dollar. Some analysts speculate that China may be preparing to introduce a gold-backed currency, potentially challenging the dollar's global dominance. The surge in gold prices has had a mixed impact on global demand. In India, record-high prices have dampened jewelry purchases, with gold imports hitting a six-month low in January. However, investment demand has surged, with gold exchange-traded funds (ETFs) seeing unprecedented inflows, according to Kavita Chacko, Head of Research in India at the World Gold Council. In contrast, China's gold market strengthened in January, as the central bank increased bullion purchases for the third consecutive month. This trend is expected to continue, driven by rising gold consumption, according to Ray Jia, Head of Research in China at the World Gold Council. With ongoing economic and geopolitical uncertainty, analysts anticipate that gold prices will remain on an upward trajectory, reinforcing its status as a key safe-haven asset in global markets.
