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Egypt gold prices drop 20 pounds
Gold prices in Egypt and worldwide declined during today's trading session, Monday, following the U.S. Federal Reserve's decision to hike interest rates for the first time in three years by 0.25%. In the local market, the price of a 21-karat gold gram decreased by about 20 Egyptian pounds, reaching 6,360 pounds. Meanwhile, the global price of an ounce fell by $13, to become $4,365. The decline is partly due to investors reassessing expectations of upcoming interest rate hikes, as U.S. Treasury bond yields rise and the dollar weakens, despite ongoing geopolitical tensions that support gold's appeal as a safe haven asset.
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