Egypt 21K gold price drops amid market declines

The price of gold in Egypt for 21-karat has fallen for the third consecutive day, reaching approximately 5,645 pounds for buying and 5,605 pounds for selling. This is the lowest level since the beginning of the year, erasing all gains made so far this year. Prices were affected by the drop in the global ounce price below $4,000 and the decline of the US dollar against the Egyptian pound, amid expectations of a US interest rate hike and reduced demand for gold jewelry, as markets await US inflation data.

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