1 Day
Source:
المصري اليوم
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Gold sales remain steady says VP
Gold prices in the local market have experienced a decline in recent days, due to a drop in prices on the global stock exchange, which was affected by rising oil prices and the potential increase in inflation in the United States. This situation enhances the likelihood of the Federal Reserve raising interest rates, thereby putting pressure on gold prices. The price of 21-karat gold has reached approximately 6,125 Egyptian pounds, down from 6,150 pounds previously. Meanwhile, citizens are increasingly selling gold out of fear of further declines, even as the market continues to meet demand despite the drop. The report also noted that some gold workshops have adjusted the weights of jewelry to suit consumers’ purchasing capacity, especially those about to get married. It was found that engagement rings weigh around one and a half grams, while the weights of bangles range between 4 and 5 grams.
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