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Egypt's gold prices rise as dollar soars
The rise in the US dollar against the Egyptian pound has offset the decline in global gold prices, as the ounce dropped by approximately 2.19% to around $4,050. Meanwhile, the dollar in Egypt surged to over 55 pounds. The increase in the dollar's value led to a rise in the local gold price from 6,250 to 6,325 pounds, a gain of 75 pounds, despite the decline in the global ounce price. This is due to the influence of the local dollar rate on gold prices in Egypt, as the local gold price is determined by a combination of the global ounce price and the dollar's movements against the pound.
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