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بوابة الشروق
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Gold prices near $5,000 and rising
The head of the Gold Division at the Federation of Chambers of Commerce revealed that the price of an ounce of gold is on its way to reaching $5,000. It has risen from a level of $4,000 three weeks ago to $4,608, an increase of nearly 15%. He attributed the rise to the impact of global economic and political decisions, especially the Federal Reserve's interest rate hikes, along with US Treasury bond reports that caused the ounce to surge by about $600 in a short period. He pointed out that domestic demand in Egypt has not responded proportionally due to citizens being busy with the holiday season and the start of the school year. However, he emphasized that gold still has significant upward potential and is approaching levels it previously exceeded, surpassing $5,700. He warned that the current timing is favorable for those with surplus funds to invest for the long term.
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