Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Demand for Silver Accounts for 40% of Domestic Market, Trader Says

Gold Service

Fri 17 Mar 2023 | 12:10 AM
Walid Farouk

Mahmoud Negm El-Din, Chairman of a Company trading in gold and silver said that the demand for silver bullion accounts for about 40% of the demand in the local market, with expectations of an increase in the coming periods.

Negm El-Din explained that the local market is witnessing an increasing demand for investing in silver, due to the rise in gold prices, fears of a further devaluation of the local currency, and the decline in the purchasing power of citizens.

He pointed out that the high inflation rates in the global and local markets made citizens aware of the importance of safe havens, especially gold and silver.

"Silver prices are determined by 3 factors, namely the price on the global stock exchange, the dollar exchange rate in the local market, and supply & demand," he added.

"Recovery rates upon resale amount to about 50% of the workmanship value," he pointed out.

He added that bars of 10, 20, 50, 100, 250, 500 and 1 kg are available on the market, and are stamped within the Scales Department.