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Gold sales drop as new school year approaches
Gold purchase transactions in Egypt have declined as the new school year approaches, due to liquidity being withdrawn from the market and a decrease in domestic demand. The gold price has experienced fluctuations after rising over the past three months, with the price of 21-karat gold slipping to 6,520–6,560 Egyptian pounds due to a drop in global gold prices and the dollar falling below 51 pounds. Additionally, reverse gold sales increased to take advantage of the price rise, which led to a decline in the local price relative to its fair value.
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