Gold and silver prices climbed in both local and global markets during Wednesday’s trading session, as the precious metals continued to serve as safe-haven assets amid ongoing geopolitical tensions and economic data supporting a price recovery.
According to a report by the Safe Haven Center, the price of 999-grade silver rose by approximately 3 EGP to reach 174 EGP per gram, while the global ounce increased by $2 to around $90. Silver gram prices for 925-grade reached 161 EGP, 800-grade 139 EGP, and the silver pound remained steady at 1,288 EGP.
The gains in gold and silver were supported by U.S. ADP employment data, which indicated a slowdown in private-sector job creation. Only 22,000 new jobs were added last month, below expectations of 46,000. Dr. Neela Richardson, ADP’s chief economist, noted that the private sector added 398,000 jobs in 2025, down from 771,000 in 2024, while wage growth remained relatively stable at 4.5% for those retaining their jobs and 6.4% for those who changed jobs, reflecting labor market deceleration that could support Federal Reserve plans to lower interest rates later this year.
Although the gold market did not react strongly to this data, analysts suggest the report continues to reinforce the metal’s safe-haven appeal after sharp losses on Friday and Monday, with spot gold reaching $5,045.60 per ounce, up 2% during the day.
In China, gold-backed exchange-traded funds (ETFs) recorded their largest daily outflows ever on Tuesday, totaling around $1 billion, following a sudden drop from record highs. Bloomberg data showed that the four largest ETFs on mainland China experienced net outflows of about 6.8 billion yuan ($980 million), reflecting fluctuating investor confidence.
In this context, Chinese trading firm Zhongcai Futures emerged as one of the biggest beneficiaries of the recent silver price decline, earning over $500 million in a short period by employing a short-selling strategy and establishing large bearish positions before the sharp drop. Led by Bian Ximing, the firm has a long-standing reputation for bold and flexible decisions in precious metals markets, highlighting the growing influence of Chinese trading companies on global markets.
On the political and diplomatic front, Iran requested that talks with the U.S. be moved from Turkey to Oman to focus on the nuclear file. Meanwhile, the United States is preparing to launch its largest plan yet to rebuild critical minerals supply chains, including creating a $12 billion strategic reserve and holding meetings with partners from Europe, Asia, and Africa to strengthen supply networks.
In China, Vice Minister of Finance Liao Min stated that the country will continue efforts to build a unified market to boost domestic consumption, focusing on new growth engines and achieving high-quality development amid ongoing global market volatility and geopolitical tensions.
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