Latest news with #EGP
See - Sada Elbalad
6 hours ago
- Business
- See - Sada Elbalad
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
CairoScene
6 hours ago
- Business
- CairoScene
Sky AD Developments Expands Into Ras El Hekma With Sky North
Sky AD Developments Expands Into Ras El Hekma With Sky North Sky Abu Dhabi launches Sky North at Kilo 246, Ras El Hekma—ushering in a new wave of luxury coastal living in Egypt. Sky AD, one of the region's most dynamic real estate developers, is expanding its footprint on Egypt's North Coast with the reveal of Sky North, a new coastal destination located at Kilo 246 in Ras El Hekma. The project was officially announced at one of the year's largest real estate press conferences in Cairo, marking a major milestone in the company's portfolio in Egypt. Building on Sky AD's robust portfolio in Abu Dhabi and Egypt, the company is now expanding into Ras El Hekma with its newest development, Sky North. Spanning 430 acres and backed by a total investment of EGP 80 billion, the development reflects a bold vision for integrated coastal living. Its masterplan was designed in collaboration with the WATG London Office, a globally renowned architecture and planning firm. Sky AD will deliver 5,500 fully finished homes, with 80% of units offering panoramic sea views, and the remainder facing crystal lagoons and landscaped green spaces. The development will also include a world-class hotel, several design-led clubhouses, a retail promenade with fine dining, sports facilities, and a beach clubhouse operated by a leading global beach management company. Among its standout features are 200,000 square metres of swimmable crystal lagoons, designed to enhance the project's holistic lifestyle approach. More than a beachfront community, Sky North positions itself as a blueprint for the next generation of luxury destinations in Ras El Hekma, combining flow, function, and future-ready living. As Egypt's North Coast continues to evolve, Sky North signals Sky AD's commitment to shaping elevated, globally competitive destinations that reflect the rising expectations of discerning residents and investors alike.
See - Sada Elbalad
7 hours ago
- Politics
- See - Sada Elbalad
5th Aid Convoy Enters Gaza as Israel Blocks Critical Medical Supplies for Women
Ahmed Emam The fifth convoy of humanitarian aid trucks has crossed from Egypt into Gaza through the Kerem Abu Salem crossing after a delay of more than 30 minutes on the Israeli side, according to Egyptian media reports. The convoy, carrying nearly 1,000 tons of food, flour, drinking water, medicines, and baby diapers, had been pre-inspected by Egyptian Red Crescent teams to ensure the safety and compliance of all supplies. Over the past four days, more than 5,000 tons of aid have been delivered to the besieged enclave, bringing the total to about 6,000 tons. The shipments include fresh bread and hot meals for displaced families. However, Israeli authorities reportedly denied entry to certain medical kits specifically intended for women giving birth outside hospitals, in remote areas or makeshift tents, due to the collapse of Gaza's healthcare infrastructure. The rejected supplies, belonging to international organizations such as the World Health Organization (WHO) and UNICEF, contained no narcotics or prohibited substances, according to aid sources. Egyptian Air Force aircraft have also conducted airdrops of humanitarian aid into northern Gaza, where road access remains nearly impossible because of the extensive destruction caused by Israeli bombardments. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid 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
See - Sada Elbalad
7 hours ago
- Business
- See - Sada Elbalad
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
See - Sada Elbalad
7 hours ago
- Business
- See - Sada Elbalad
Global Gold Demand Rises in Q2 Despite Decline in Central Bank Purchases
Waleed Farouk A report released Thursday by the World Gold Council revealed an increase in global demand for gold during the second quarter of 2025, driven by a surge in investment demand despite a slowdown in central bank purchases. According to the report, total global demand for gold — including over-the-counter (OTC) trading — rose by 3% year-on-year to reach 1,248.8 tonnes in Q2, supported by a 78% increase in investment demand. However, central bank purchases saw a notable decline, with acquisitions totaling 166.5 tonnes during the second quarter — roughly one-third less than in the first quarter. This pullback led to the lowest first-half purchase levels by central banks since 2022. In terms of consumption, global demand for gold jewelry dropped by 14% to 341.0 tonnes, marking its lowest level since the third quarter of 2020. Commenting on the findings, John Reade, Chief Market Strategist at the World Gold Council, explained that when gold prices rise significantly, the incentive for central banks to increase their holdings weakens. He noted that the rapid price gains have prompted concerns about potential price corrections, which in turn dampened demand, according to remarks reported by Bloomberg. 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
