Silver Prices Drop Locally by EGP 3 Amid Global Fall

Silver prices experienced a decline in both the Egyptian market and global exchanges over the past week. According to Marsad Al Dahab, the stronger US dollar and rising Treasury yields after robust employment data reinforced expectations of a possible Federal Reserve interest-rate hike at its upcoming meeting contributed to this drop.

The local price of 999-fineness silver fell by around EGP 3 per gram, or 2.8%, from EGP 108 to approximately EGP 105. Globally, silver lost around $0.95 per ounce, or approximately 1.4%, after starting the week near $67 and ending Friday's session at about $66.05.

The decline in Egyptian market was sharper than globally, despite the rise in the dollar against the pound. This pushed the local price from near its implied global value at the beginning of the week to a noticeable discount by the end.