Egyptian Silver Prices Plummet 5.3% Amid US Interest Rate Hike Expectations

Silver prices in Egypt dropped by approximately 5.3% last week, compared to a 3.6% decline in the international ounce price.

The fall was driven by renewed expectations of a US interest-rate hike following inflation data and Federal Reserve Chair Kevin Warsh's speech at Jackson Hole, which lifted the US dollar and Treasury yields and triggered profit-taking after silver's strong gains in August.

According to Marsad Al Dahab for Economic Studies, the price of one gram of 999 fine silver fell by EGP 6 during the week, opening at EGP 114 and closing at approximately EGP 108.

The global silver price lost about $2.50 per troy ounce, opening the week at $69 and closing Friday's trading at $66.50.