Gold prices rose on Friday near the levels of 2665 dollars per ounce as the dollar weakened and geopolitical concerns continued to worsen, as the precious metal rose on the back of demand for a safe haven amid the escalation of the conflict between Russia and Ukraine.
Gold is likely to rise in anticipation of the expected interest rate cut by the Federal Reserve next month, especially after the Personal Consumption Expenditures index rose yesterday, which is the Fed's preferred indicator for measuring inflation.
On the other hand, gold prices in Egypt rose slightly on Friday, as the price of the 21st highest traded gold in Egypt is trading near the levels of 3690 pounds.
The price of 24-karat gold also rose today to levels of 4217 pounds, and 18-karat gold recorded levels of 3163 pounds per gram.
Also today we witnessed a decline in the price of the dollar minted today in Egypt near the levels of 49.30 pounds, and the dollar price declined inside official banks today trading at the levels of 49.65 pounds, with the dollar price in the parallel market inside Egypt at the levels of 49.98 pounds as it was yesterday.
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