Egypt to Ration Power Consumption at Places of Worship

A picture taken on July 17, 2018, shows the Muhammad Ali mosque situated in the Citadel of Cairo in the Egyptian capital. (Getty Images)
A picture taken on July 17, 2018, shows the Muhammad Ali mosque situated in the Citadel of Cairo in the Egyptian capital. (Getty Images)
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Egypt to Ration Power Consumption at Places of Worship

A picture taken on July 17, 2018, shows the Muhammad Ali mosque situated in the Citadel of Cairo in the Egyptian capital. (Getty Images)
A picture taken on July 17, 2018, shows the Muhammad Ali mosque situated in the Citadel of Cairo in the Egyptian capital. (Getty Images)

The Egyptian government intends to implement the current fiscal year's plan to regulate the use of places of worship, to save around EGP100 million annually.

Minister of Local Development General Mahmoud Shaarawy said the ministry plans on installing 40,000 prepaid counters at the mosques and churches. The move saves approximately EGP100 million worth of energy consumed in lighting mosques and churches.

According to the minister, a total of 25,000 counters have been installed so far, helping save EGP60 million during the current fiscal year.

Shaarawy further added that up to 68,999 water-saving devices were set up at 35,000 mosques and 7,000 churches.

This step is in light of the signed protocol between the ministry and the Holding Company for Water and Waste Water (HCWW) to set up drinking water coded counters.

The minister called on the executive bodies in the provinces to appoint an individual tasked with the regular maintenance of the water-saving devices in addition to another person to be in charge of expanding the installation process.

He explained that these devices reduce water consumption by 50 percent.



Gold Prices Hold Steady as Investors Await US Fed Policy Cues

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
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Gold Prices Hold Steady as Investors Await US Fed Policy Cues

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)

Gold prices remained steady on Wednesday, as investors awaited the US Federal Reserve's decision on interest rates due later in the day, while also focusing on US President Donald Trump's trade policies following his tariff threats.

Spot gold eased 0.2% to $2,758.49 per ounce by 09:55 a.m. ET (1455 GMT), while US gold futures rose 0.3% to $2,775.60, widening the premium over spot gold rates.

The Fed is scheduled to release its latest policy decision and statement at 2 p.m. EST (1900 GMT), with Fed Chair Jerome Powell due to hold a press conference half an hour later to elaborate on the meeting.

The US central bank is widely expected to hold interest rates steady as it awaits further inflation and jobs data and more clarity on the economic impact of Trump's policies before deciding whether to cut borrowing costs again.

"However, the Fed's commentary in regards to the potential for an interest rate cut in the March meeting is going to be in focus," said David Meger, director of metals trading at High Ridge Futures.

Gold prices neared all-time highs last week after Trump called for lower interest rates. Bullion tends to thrive in a low-interest-rate environment as it yields no interest.

Prices, however, retreated sharply on Monday as a sell-off in technology stocks, driven by Chinese AI model DeepSeek, sparked a rush to liquidate bullion to counter losses, according to Reuters.

The sell-off in the stock market seen on Monday may not be over and the unpredictability of Trump's policies is contributing to an increased demand for gold as a safe-haven, said Jim Wyckoff, a senior market analyst at Kitco Metals.

Trump still plans to make good on his promise to issue tariffs on Canada and Mexico, and his policies are widely seen as inflationary.

Elsewhere, spot silver gained 1.7% to $30.92 per ounce, platinum also added 0.5% to $946.45. Palladium was up 0.8% to $962.50.