The tables below show the gold prices per gram on early Wednesday in Egypt and the Arab states: More»

The premium dealers demand for dollars in Egypt’s unofficial currency market is falling as the pound goes through what JPMorgan Asset Management called “non-chaotic maximum devaluation.” The U.S. currency is selling for 7.47 Egyptian pounds in the Arab country’s so-called black market, a 7 percent premium to the official price, according to the average of three quotes from money exchangers compiled by Bloomberg. That’s down from a premium of 7.9 percent in an April 15 survey and 15 percent on April 2. The dealers, who run currency exchange businesses in Cairo, asked not to be identified because the trade is illegal. The gap is narrowing as the pound depreciates at a faster pace at central bank currency auctions, which began in December to limit the supply of dollars to the market amid dwindling foreign reserves. The pound has lost 0.9 piaster per auction on average since the start of April, compared with a 0.5 piaster average decline in March, data compiled by Bloomberg show. More»

Egypt, the biggest wheat importer, plans to cut the state’s inbound shipments of the cereal and boost local purchases to feed the Arab world’s most populous nation as it tries to recover from its deepest economic slump in two decades. The government intends to buy 3 million metric tons on the international market in the 2013-14 fiscal year that starts July 1, compared with 3.4 million tons this year, Supply Minister Bassem Oda said today in an interview in Cairo. Egypt previously bought more than 5 million tons a year on world markets. “This plan is to encourage local production and support the Egyptian farmer,” Oda said. “When we decrease imports, we go for increasing purchases from local production and this is the real support for the Egyptian farmer.” Egypt has struggled to pay for food and fuel as foreign currency reserves dwindled more than 60 percent in the past two years, as the country faced political upheaval and social unrest surrounding the ouster of former President Hosni Mubarak. More»

On Tuesday, the exchange rate of the US dollar steadied against the Egyptian pound at EGP 6.9820 for buying and EGP 7.012 for selling. The pound sterling’s price reached EGP 10.60 for buying and EGP 10.94 for selling; while the Swiss franc hit EGP 7.12225 for buying and EGP 7.46 for selling. For the Japanese yen, ¥100 reached EGP 6.7350 for buying and EGP 7.08 for selling. For the Arab currencies’ exchange rates against the Egyptian pound, Kuwaiti dinar hit EGP 24.16 for buying and EGP 24.7972 for selling. The Saudi riyal hit EGP 1.8550 for buying and EGP 1.9038 for selling; while the UAE dirham recorded EGP 1.8950 for buying and EGP 1.9435 for selling. More»

Gold prices in Egypt have soared on Tuesday by 10 Egyptian pounds, halting two-day steadiness. The Twenty-four carat gold is sold today for EGP 325.55, compared to Monday’s levels of EGP 314.69.; while the widely-spread in Egypt Twenty-one carat gold has reached EGP 284.89, opposed to EGP 275.4 a day before. The18-carat gold hit EGP 244.23, opposed to Monday’s levels of EGP 236.1, representing an increase of EGP 8.13. Nady Naguib - member of the gold traders chamber – said the chamber was expecting such an increase which is driven by the higher exchange rates of the US dollar in the black market. The Table below demonstrates the prices of gold in Egypt recorded on early Tuesday in Egyptian pound (EGP) and the US Dollar (USD): More»

The tables below show the gold prices per gram on early Tuesday in Egypt and the Arab states: More»

Asian stocks advanced Monday as the U.S. dollar's continued rise pushed Japanese stocks higher to a fresh 5½ year high, while Hong Kong gained as Chinese property developers outperformed. The U.S. dollar weakened against the yen, after climbing above the ¥103 mark for the first time since October 2008 on Friday. The greenback had pushed higher against its Japanese counterpart after data showed a strong rise in U.S. consumer sentiment, which fueled speculation that the Federal Reserve could curtail its bond-buying program. The yen pushed back after Japanese Economy Minister Akira Amari said on Sunday that the currency's excessive strength has largely "corrected" and that further weakness could "have a negative impact on people's lives." The U.S. dollar was recently at ¥102.50, compared with ¥103.23 late Friday in New York, after dropping as low as ¥102 at the beginning of Monday's trading session. In addition, precious metals declined in Asia. Gold was down 1.4% at $1,345.60 an ounce, while silver tumbled 4.6% to $21.32 an ounce. More»

The tables below show the gold prices per gram on early Monday in Egypt and the Arab states: More»

The table below shows the exchange rates of the Arab and foreign currencies against the Egyptian pound on early Sunday: More»

The tables below show the gold prices per gram on early Sunday in Egypt and the Arab states: More»