Silver prices in the local markets witnessed a state of stability during Monday's trading, coinciding with relative calm in the global stock exchange. Investors are closely monitoring the U.S. Federal Reserve's upcoming decision on interest rates this week, amid ongoing uncertainty linked to global geopolitical tensions, according to a report by the "Marsad Al Dahah" for Economic Studies.
Dr. Walid Farouk, a researcher in gold and jewelry affairs and Director of the Marsad Al Dahah, explained the current market figures:
Silver (999 purity): Stabilized at 129 EGP per gram.
Global Silver Ounce: Dropped by approximately $0.5, recording a level of $75.50.
Silver (925 purity): Recorded approximately 119 EGP per gram.
Silver (800 purity): Reached about 103 EGP per gram.
Silver Coin (The Pound): Priced at 955 EGP.
Weekly Performance Analysis
According to Marsad Al Dahah's data, local silver prices declined by about 3 EGP during last week's transactions. The price of 999-grade silver fell from 132 EGP at the start of the week to 129 EGP at the close.
On the international stage, the silver ounce dropped by about $5, falling from $81 to $76. This decline is attributed to pressures resulting from the strength of the Dollar and the cautious anticipation of U.S. monetary policy decisions.
Market Outlook and Geopolitical Factors
Geopolitical tensions continue to cast a shadow over global markets, particularly with the stalling of certain diplomatic paths regarding the Iranian file. Investors are also closely following the meetings of major central banks, led by the Federal Reserve.
Analysts anticipate that the Federal Reserve will maintain current interest rates, while markets remain alert for any future signals regarding the timing of potential rate cuts.
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