Gold prices fell globally on Thursday, as the prospects for a 50 basis point interest rate cut by the Federal Reserve in November decreased to maintain sentiment towards the dollar at the expense of the non-interest bearing metal, investors will now closely monitor 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.
We are also waiting for important data on Friday, represented by non-farm payroll data and employment rates, which are expected to affect the upcoming Gold movements.
The precious metal continues to benefit from continued optimism about interest rate cuts in the United States, and a low interest rate environment usually enhances the attractiveness of the precious metal.
On the other hand, gold prices in Egypt fell today, as the price of 21-karat gold is trading the highest in Egypt Today, Thursday, October 3, 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 rate in Egypt within the official banks declined slightly today to reach levels of 48.42 pounds per dollar, with a return to the rise of the dollar rate in the parallel market inside Egypt, which recorded levels of 48.68 pounds per dollar.
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