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Gold drops $30 on July 28
On Tuesday, July 28, 2026, global gold prices experienced a decline, with the ounce losing about $30, dropping to $4,046 from $4,076 at the start of trading. Despite the rise in international gold prices, local prices remained unchanged. The price of a gram of 24-karat gold was around 6,789 Egyptian pounds, 21-karat gold traded at 5,940 pounds, and 18-karat gold reached 5,091 pounds. The price of the gold pound stayed stable at 47,520 pounds. Gold prices are influenced by investors' expectations regarding the Federal Reserve's meeting, where rising interest rates tend to reduce demand for the metal as a safe haven, while rate cuts tend to boost demand and prices.
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