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 Extends Gains as Trump Tariffs Fuel Safe Haven Flows

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
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Gold Extends Gains as Trump Tariffs Fuel Safe Haven Flows

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices rose for a second straight session on Tuesday, but traded below the recent all-time highs, as uncertainty around US President Donald Trump's tariff plans continued to fuel economic growth concerns and safe haven flows into bullion.

Spot gold gained 0.6% at $2,913.79 an ounce as of 0714 GMT. It hit a record high of $2,942.70 last week.

US gold futures added 0.9% to $2,925.50.

"Trump's disruptive modus operandi, aggressive rhetoric and tariffs - whether actual or threatened - could unravel global trade and intricate supply chains," said Nikos Tzabouras, senior financial writer at trading platform Tradu, Reuters reported.

"With uncertainty surrounding the global economy and the broader geopolitical landscape in the Trump 2.0 era, gold is set to remain a natural beneficiary of risk-off flows and central bank buying."

Since taking office last month, Trump has swiftly redrawn the global trade battlefield with a series of tariffs, while plans are already in motion for sweeping reciprocal tariffs, aimed squarely at any nation that taxes US products.

"Gold continues to benefit from the uncertainty surrounding the US. government's tariff policy. Central bank buying should also continue to provide support, even if there is no new data on this," Commerzbank analysts said in a note.

The market's focus has now shifted to the US Federal Reserve's January meeting minutes due on Wednesday for clues into the central bank's interest rate trajectory.

"Price gains are also supported by growing expectations that the Fed will cut rates in 2025 - a sentiment that gained further traction among traders after last week's disappointing US retail sales figures," Ricardo Evangelista, senior analyst at brokerage firm ActivTrades, said.

Bullion benefits from geopolitical and economic uncertainties, as well as rising price pressures, but higher interest rates diminish the asset's allure.

Spot silver fell 0.9% to $32.50 an ounce. Platinum jumped 0.9% to $985.20 and palladium climbed 1.6% to $978.00.