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Gold expert advises buying now, gram may hit 7,500
Dr. Naguib Farag, a gold industry expert, explained that gold prices worldwide experienced a significant increase last week, with the price of an ounce rising by $300 to reach $4,365, the highest level since 2026. This upward trend was reflected in the local market, where the price of 21-karat gold reached 6,135 pounds per gram. Expectations are that prices will continue to rise, reaching 7,500 pounds per gram by early 2027, with the gold pound reaching 65,000 pounds. The support for this surge comes from purchases by central banks, especially China, which bought 64,000 ounces in July to bolster its gold reserves as a safe haven against inflation and economic fluctuations.
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