Egyptian Silver Prices Slip 2.9%, Global Decline Hits 6.1%

Silver prices in Egypt fell 2.9% over the week ending Saturday, while international silver prices declined approximately 6.1% over the trading week ending Friday.

The decline was attributed to rising US Treasury yields and a stronger dollar, which pressured the metal globally and limited losses in the domestic market due to the dollar's appreciation against the Egyptian pound.

According to Marsad Al Dahab, the price of 999-fineness silver declined by EGP 3 per gram during the week, opening at EGP 105 and closing at EGP 102. Internationally, silver opened the week at $64.42 per ounce and ended Friday's trading at $60.52, a decline of $3.90.

The director of Marsad Al Dahab noted that domestic silver prices declined less sharply than international prices due to the dollar's appreciation against the Egyptian pound and the narrowing discount between local prices and their theoretical value.