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Egypt gold prices increase by 15 pounds
Gold prices in Egypt and worldwide have risen significantly during today's trading sessions, supported by a decline in the US dollar and US Treasury bond yields, as well as a decrease in expectations for an interest rate hike in October. Locally, the price of a 21-karat gram increased by about 15 Egyptian pounds to reach 6,150 pounds, while the ounce gained approximately $33 to reach $4,175. On a global scale, gold's appeal has improved amid falling high yields and a weaker dollar, although rising yields tend to oppose this trend and limit gains for the precious metal. Long-term outlooks project prices to continue rising, potentially reaching an average of $5,330 per ounce by 2027, driven by geopolitical risks and an increasing share of gold in global reserves.
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