Silver Holds Firm in Egypt Amid Global Price Decline

Silver prices in Egypt remained stable during the week ending Friday, despite a 2.6% decline in global silver prices due to a stronger US dollar and rising Treasury yields.

The price of 999 silver held near EGP 105 per gram throughout the week, while globally it opened at $66.3 per ounce and closed at around $64.54, losing approximately $1.7 over the week.

A stronger US dollar against the Egyptian pound helped contain the impact of the global decline on local prices, with the exchange rate increasing from EGP 50.28 to nearly EGP 51.41, a rise of about 2.2%.