Gold prices fell on Tuesday to the levels of 2625 dollars per ounce after a wave of sharp selling since Monday, after news that US President-elect Donald Trump has chosen Scott Besant as Treasury Secretary, and the possibility of easing tensions in the Middle East, which reduces the demand for safe haven gold.
We are also waiting for the US consumer confidence report today, as well as the minutes of the Federal Open Market Committee meeting, and there is also an additional risk of a rise in core personal consumption expenditures in the United States on Wednesday, which is the Fed's preferred indicator for measuring inflation.
This may add more speculation about a slower pace of interest rate cuts by the Fed, as the markets are now pricing at 55% that the Fed will cut interest rates by 25 basis points next December.
On the other hand, gold prices in Egypt fell strongly on Tuesday, as the price of the 21st highest traded gold in Egypt is trading near the levels of 3650 pounds.
The price of 24-karat gold also fell today to levels of 4170 pounds, and 18-karat gold recorded levels of 3130 pounds per gram.
Also, we have seen stability in the price of the dollar minted today in Egypt near the levels of 49.50 pounds, and also in the dollar price inside official banks today at the levels of 49.67 pounds, and also the dollar price in the parallel market inside Egypt did not move and fixed at the levels of 49.92 pounds.
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