Silver Prices Rise 2.9% Weekly Amid Industrial Demand and Dollar Easing

Silver prices in Egypt's market rose by 2.9% during the week ending Saturday, matching the weekly gain recorded globally. The white metal has declined locally by approximately 13.6% and globally by 7.8% since the beginning of the year.

The price of one gram of 999-fineness silver increased by EGP 3 to open at EGP 105 and close at EGP 108, a gain of 2.9%. Globally, silver opened the week at $64.54 per ounce and closed at $66.40, gaining approximately $1.86 or 2.9% on a weekly basis.

The rise in the US dollar exchange rate also supported local silver prices, increasing from EGP 51.41 to EGP 52.28 during the week. The theoretical value of one gram of 999-fineness silver, calculated using the global ounce price and the official exchange rate, increased from approximately EGP 106.7 at the beginning of the week to nearly EGP 111.6 by its end.

Silver continues to trade at elevated levels compared with its historical averages in previous years. Prices remain supported by industrial demand from the solar energy, electronics, and electricity-grid sectors, alongside constraints limiting growth in mine supply.