Gold prices rose on Wednesday despite the entry into force of the ceasefire agreement between the entity and Hezbollah, as the precious metal rose near the levels of 2650 dollars per ounce as investors continue to absorb the latest minutes of the Federal Open Market Committee, and we are waiting for key US data for more insights on the prospects for the Fed's monetary policy.
Most investors are still pricing in a 25 basis point interest rate cut in December, with a probability of about 63%, which would reduce the alternative cost of holding non-interest bearing gold, and we are also waiting for personal consumption expenditures figures today, which is the Fed's preferred indicator for measuring inflation.
On the other hand, gold prices in Egypt fell strongly on Wednesday , as the price of the 21st highest traded gold in Egypt is trading near the levels of 3675 pounds.
The price of 24-karat gold also rose today to levels of 4200 pounds, and 18-karat gold recorded levels of 3150 pounds per gram.
We have also witnessed a decline in the price of the goldsmith's dollar today in Egypt near the levels of 49.40 pounds, and the dollar price inside official banks today is trading at the levels of 49.67 pounds, and also the dollar price in the parallel market inside Egypt has not moved and is fixed at the levels of 49.90 pounds.
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