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Gold Price Clocks 6115 Pounds in Egypt
The Egyptian gold market experienced stability at high levels, with the price of 21-karat gold today reaching 6,115 Egyptian pounds. This follows a rise of more than 15 pounds at the start of trading, despite the global gold market halting trading. Since the beginning of the year, the price of this karat has increased by 4.6%, approximately 270 pounds, having recorded 6,095 pounds at the end of last week, with weekly gains of 2.7% and 160 pounds per gram. The increase in prices is attributed to the strong linkage with global gold prices, along with the decline of the dollar against the Egyptian pound by 2.7% during the week, which helped mitigate the impact of worldwide price increases on the Egyptian market. Additionally, the improved performance of the pound and rising foreign exchange reserves contributed to market stability, reinforcing gold's status as a safe-haven asset and opening up investment opportunities, especially amid expectations of ongoing global fluctuations.
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