Gold prices in jewelry shops dip after gram falls 130 pounds
The gold market in Egypt experienced stability in prices after a significant decline yesterday amounting to about 130 Egyptian pounds per gram, due to a drop in the global gold price. The price of the 21-karat gold, the most traded, was approximately 6,100 Egyptian pounds, after having fallen from 6,230 pounds. Prices are influenced by expectations of important American economic data to be released during the week, such as consumer spending and employment figures, which impact the dollar and U.S. interest rates. This, in turn, affects movements in the gold market.
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