Gold futures stabilized as the prospects for interest rate cuts decreased due to the US economic data released at the end of last week's trading, as the US non-farm payroll data showed on Friday more positive than expected, the probability of interest rate cuts decreased by another 50 basis points in November, and investors are now closely watching any development in the Middle East, and gold is likely to rise again amid increasing risks of the Israeli-Iranian conflict turning into a wider regional war.
On the other hand, gold prices in Egypt rose on Monday, with the 21st highest traded gold price in Egypt trading near the levels of 3580 pounds.
Today, 24-karat gold recorded levels of 4091 pounds, and 18-karat gold recorded levels of 3069 pounds per gram.
The dollar price in Egypt also moved slightly within the official banks today near the levels of 48.45 pounds per dollar, with the dollar price holding steady in the parallel market inside Egypt, which recorded levels of 48.65 pounds per dollar.
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