Gold prices fall globally in Egypt
Gold prices worldwide declined by 1.2%, recording approximately $4,091.47 per ounce, amid escalating geopolitical tensions in the Middle East and oil prices rising above $110 per barrel, fueling concerns about persistent inflation. In Egypt, the price of a gram of 21-karat gold reached about 6,270 pounds, making it the most traded gold purity among citizens. This occurred alongside market anticipation of the U.S. Federal Reserve's decisions on interest rates, as the chances of a rate hike in October fell to less than 17%, with potential increases expected in December.
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