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بوابة أخبار اليوم
Gold price drops on Saturday, August 29
The price of the gold pound today, Saturday, August 29, in Egypt has decreased to approximately 50,480 Egyptian pounds, following a decline of 320 pounds compared to the start of trading. This comes amidst a drop of $149 in the price of an ounce and with expectations that geopolitical developments and economic data will influence the monetary policy of the U.S. Federal Reserve. The gold pound is made of 21-karat gold and weighs 8 grams, with other denominations available such as half and quarter pounds. Its manufacturing cost is relatively low, allowing for some of it to be recovered when selling. This decline follows yesterday's losses of about 1,040 pounds and directly impacts investors in the local gold market by lowering manufacturing costs and offering the possibility of recovering part of the costs through a "cashback" system.
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