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Gold price stabilizes at 6,320 EGP
Gold prices in Egypt remained stable at the 21-karat level, with the price per gram reaching 6,320 Egyptian pounds after a decline in recent days. This comes amid careful monitoring of global gold movements and the US dollar exchange rate against the Egyptian pound, along with continued weak local demand and increased reverse selling activities. These factors have created a negative price gap of approximately 30 pounds per gram for 21-karat gold. Internationally, the gold ounce dropped by 0.6% to a low of $4,396, pressured by changing US monetary policy expectations and rising oil prices, while market participants await US employment data that could influence the trajectory of interest rates and global gold prices.
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