Silver prices showed relative stability in the local market during today’s trading session, despite a rise in global ounce prices, as investors remained cautious while awaiting upcoming U.S. macroeconomic indicators, according to a report issued by the Safe Haven Center.
The report noted that the price of 999-purity silver held steady at EGP 152 per gram, while silver ounces in global markets rose by about $2 to reach $82.
Meanwhile, the price of 925-purity silver stood at around EGP 141 per gram, 800-purity silver recorded approximately EGP 122 per gram, and the silver pound remained stable at EGP 1,128.
On the global front, silver continues to struggle to build on its relatively solid rebound from the $64-per-ounce level, its lowest point since December 17, which was recorded last week. Although silver has managed to move above the $80-per-ounce level, the continuation of this upward trend remains largely dependent on a more pronounced decline in the U.S. dollar.
The U.S. dollar posted weak performance during Monday’s trading session, driven by growing speculation over the future direction of Federal Reserve monetary policy. Nevertheless, silver registered noticeable gains despite the dollar’s relative strength, indicating the presence of additional supportive factors beyond currency movements.
Among the most notable recent developments is the nomination of Kevin Warsh to succeed Jerome Powell as Chair of the Federal Reserve starting in May 2026. Markets view Warsh as more hawkish than his predecessor, as he places clear emphasis on controlling inflation and strengthening the U.S. dollar. This stance has posed a direct challenge to the narrative of “unlimited interest-rate cuts,” which helped push gold prices to $5,600 per ounce last January.
In this context, concerns over the independence of the Federal Reserve have eased somewhat since Warsh’s nomination, contributing to greater stability in the U.S. dollar. However, any indications during U.S. Senate hearings of political influence over interest-rate decisions could quickly drive investors back toward safe-haven assets.
Regarding official demand, the People’s Bank of China continued purchasing gold for the fifteenth consecutive month through January 2026. Although the pace of purchases has slowed as prices reached record highs, China’s broader strategy to reduce reliance on the U.S. dollar remains a key long-term supportive factor for the gold market, with spillover effects extending to silver as well.
With the approach of the Chinese New Year holiday between February 16 and 23, traders expect a decline in trading volumes from Asia, which could lead to lower liquidity and heightened volatility in global markets.
On the geopolitical front, tensions in the Middle East have begun to ease following talks held between the United States and Iran in Oman. U.S. President Donald Trump described the discussions as “very good,” encouraging investors to shift part of their portfolios from safe-haven assets toward equities.
Additionally, the landslide victory of Japanese Prime Minister Sanae Takaichi in the February 8 elections boosted investor risk appetite, alongside the rollout of what are known as “Sana economic policies,” which include increased government spending and higher military budgets. This supported gains in the Nikkei index and reduced short-term demand for gold, although concerns over Japan’s rising debt levels may provide longer-term support for precious metals.
Upcoming Macroeconomic Indicators
Investors are closely watching a series of key U.S. economic data releases scheduled for this week, led by the non-farm payrolls report due on Wednesday. Should job gains come in below 50,000, expectations for an interest-rate cut in March could be revived, potentially supporting gold and silver prices.
Markets are also monitoring inflation pressures stemming from tariffs. If companies pass higher import costs on to consumers, the Federal Reserve may be compelled to keep interest rates elevated, which could weigh on gold prices.
In addition, consumer spending data remains in focus, as continued strength in consumer expenditure would reinforce expectations of sustained U.S. economic growth and support the U.S. dollar at the expense of gold and other precious metals.
Over the long term, silver continues to be viewed as both a monetary metal and an industrial commodity. In recent years, structural shifts in global debt levels, currency debasement, and rising industrial demand have led some analysts to forecast a sharp upside scenario for silver, with long-term price targets reaching as high as $250 per ounce.
This outlook is supported by monetary inflation and currency depreciation resulting from expansive monetary policies since 2008, which intensified after 2020, as well as a structural supply deficit. Silver mining output has stagnated due to declining ore grades, rising production costs, and a lack of major new discoveries.
Moreover, accelerating industrial demand—particularly from the solar energy and electric vehicle sectors—continues to strengthen the fundamental outlook for silver prices over the medium and long term.
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