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Egypt gold prices increase by 80 pounds
Gold prices in Egypt and worldwide rose during today's trading on Wednesday, despite the release of strong U.S. retail sales data that boost expectations of an interest rate hike in the United States. In the Egyptian market, the price of a gram of 21 karat gold increased by 80 pounds to reach 6,330 pounds. The price depends on the global gold ounce price and the dollar exchange rate, with a discount of approximately 47 pounds from the reference price. Globally, the ounce rose by about $52 to $4,346. Markets are focused on the Federal Reserve's decision scheduled for today, which is expected to raise interest rates by 25 basis points to a range between 3.75% and 4%. Despite the pressure from expectations of a rate hike, gold maintained its gains due to the decline in the dollar and treasury yields, as investors pay close attention to the Federal Reserve Chair's statements regarding the future of monetary policy.
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