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Gold falls 85 pounds to 6275 pounds
Gold prices in the local markets have decreased by 85 Egyptian pounds, with the price of 21-karat gold dropping to 6,275 pounds compared to 6,360 pounds yesterday. Meanwhile, global prices have stabilized due to expectations of longer-lasting interest rate hikes, which have diminished gold's appeal as a safe-haven asset. Recent events, such as the U.S. Federal Reserve's rate hikes and inflation forecasts, strengthen the likelihood of continued interest rate increases, putting downward pressure on gold prices. It is expected that gold prices will continue to face difficulties in rising amid anticipation of future rate hikes, changes in the oil market, and inflation.
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