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Gold prices rise to 6360 pounds
Gold prices in the local market increased by 140 Egyptian pounds during the evening trading, bringing the price of a gram of 21-karat gold to 6,360 pounds, the highest level in some time. This rise is due to the global increase in gold prices, with the ounce exceeding $4,500 following a decline in U.S. Treasury bond yields and a weakening dollar. This coincided with market expectations of a potential slowdown or pause in U.S. interest rate hikes, making gold more attractive as a safe haven. As a result, the spot price of gold rose to around $4,509 per ounce, while the dollar index fell to 99 points. It is expected that gold prices in the local market will continue to rise if U.S. bond yields and the dollar continue to decline.
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