Silver Ounce Prices Retreat EGP 15 on Monday

Silver prices declined in the local markets during Monday’s trading, with a drop in the ounce on the global stock exchange.

This followed the sudden announcement by OPEC countries to reduce their oil production, which reinforces the US Federal Reserve’s raising of interest rates during its meeting next May.

George Michel, head of the trade union committee for gold and jewelry workers in the Egyptian Workers' Union, mentioned that that silver prices plummeted in the local markets during today's trading.

Michel noted that a gram of 999-karat Swiss silver reached EGP 30.50, while a gram of Egyptian 999-karat silver hit about EGP 28.50. A gram of 925-karat silver amounted to nearly EGP 31 and the Swiss pound recorded around EGP 244.

He expected prices to rise during the coming periods, with increasing demand and the desire of citizens to hedge against the deterioration of the currency, especially with the rise in gold prices to record levels.

Moreover, the official pointed out that the low prices and manufactures of silver make it an appropriate savings management that suits the needs of those who want to invest, in light of the decline in the purchasing power of citizens.