Gold prices decline by 35 pounds in local jewelry markets

Gold prices in Egypt experienced a decrease of 35 Egyptian pounds per gram during today's trading session. The most common 21-karat gold recorded 5,800 pounds, down from 5,835 pounds yesterday. Meanwhile, 24-karat gold reached approximately 6,629 pounds, and 18-karat gold was around 4,972 pounds. The gold pound also declined by 280 pounds, reaching 46,400 pounds. Globally, gold is expected to record its largest weekly loss since early June, driven by escalating tensions in the Middle East and increased prospects of the U.S. raising interest rates to curb inflation. This has caused the price per ounce to fall to about $3,980, a decrease of 3.5% over the current week. The market is currently watching for signs of buying interest at lower prices, but continued decline will depend on a drop in oil prices and a de-escalation in political rhetoric.