Silver prices in local markets rose by 4.3% during last week's trading, with the global ounce rising by 0.9%. This was due to the weak US dollar and the escalating trade dispute between the United States and China, according to a report by the Safe Haven Hub.
The report indicated that silver prices in local markets rose by EGP 2 during last week's trading, with the price of a gram of 800-karat silver opening at EGP 47 and closing at EGP 49. Meanwhile, the global ounce rose by $0.29, opening at $32.24 and closing at $32.53. He added that the price of a gram of 999-karat silver reached EGP 61, while the price of a gram of 925-karat silver reached EGP 56.50, while the silver pound (925-karat) reached EGP 452.
Silver prices rose in local markets, supported by the rise in the ounce price on the global stock exchange, the rise in the dollar exchange rate in the local market, and increased demand.
The Safe Haven report revealed that the price of silver in the local market rose by about EGP 7 compared to the global price, as a result of local markets evaluating silver prices at a dollar exchange rate of EGP 55.60.
The report indicated increased demand for silver from Egyptians during the first quarter of this year, especially with the rise in gold prices and the decline in citizens' purchasing power.
The report added that the rate of demand for silver bullion purchases ranged between 30 and 35%, and is included in individual and corporate purchases.
The report monitored the growth in the use of silver bullion as an alternative to gifts and special occasions by companies, particularly in investment sectors such as banking, real estate, and telecommunications. Safe Haven also noted the use of silver bullion as gifts during the holy month of Ramadan, particularly as prizes for Quran memorization competitions.
The report predicted that silver would capture a significant share of the Egyptian market this year and become a wedding requirement, given its status as a store of value like gold. Egyptian families can use it to balance the weight of their silver wedding rings, such as a one-kilo or half-kilo ring.
The report indicated rising silver prices in local markets, supported by the rise in the ounce price on the global stock exchange, the rise in the dollar exchange rate in the local market, and increased demand.
Silver prices rose on the global stock exchange, driven by increased investor demand amid the escalating trade dispute between the United States and China and growing bets on the US Federal Reserve cutting interest rates.
Meanwhile, the Silver Institute published its 2025 silver survey, predicting that the precious metal will experience a deficit for the fifth consecutive year, albeit the smallest imbalance in four years. Silver is expected to see a deficit of 117 million ounces, as demand declines slightly to 1.148 billion ounces, while total supply increases by 1.5% due to rising mine production.
The Silver Institute expects industrial demand for silver to remain relatively stable this year at approximately 677.4 million ounces.
The trade conflict between the United States and China may increase risks to industrial demand for silver amid uncertainty. Silver has faced difficulties in recent weeks, with investors fearing that industrial demand will be damaged if the global economy enters a recession.
China is one of the largest importers of silver for industrial use, so markets are anticipating the impact of the trade conflict on demand in the coming period.
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