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Egypt Gold Prices Rise by 25 Pounds
Gold prices in Egypt and worldwide rose today following the U.S. inflation data, which came in lower than market expectations. This reduction in inflation figures diminished the likelihood of tightening monetary policy. The price of a gram of 21-karat gold reached approximately 6,160 Egyptian pounds, an increase of 25 pounds from yesterday. Globally, the ounce rose by $43 to approximately $4,210. Additionally, the decline of the dollar against the Egyptian pound helped mitigate the impact of the rising gold price on the local market. Meanwhile, the U.S. annual inflation rate remained steady at 3.4% in August, with expectations that the Federal Reserve will maintain its current stance, as inflation remains above the U.S. Federal Reserve's target.
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