Gold prices fell globally on Wednesday amid some profit - taking, especially after gold rose in the previous session, after fears of a full-scale war in the Middle East pushed the demand for Safe Haven, and investors will now closely monitor any development in the Middle East amid expectations of a widening conflict after Iran launched a missile attack on the Zionist entity yesterday evening as we expected.
Gold prices fell today near the levels of 2650 dollars per ounce, however, interest rate expectations are the ones that will push gold prices in the longer term, as we are waiting for the US ADP employment report later today, and we are also waiting for the most important news next Friday, which is the non-farm payroll data and employment rates, which are expected to affect gold movements, and largely determine how much the Fed will cut interest in November, whether 25 points or 50 basis points.
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 have declined today, as the price of 21 carat gold is trading the highest in Egypt Today, Wednesday, October 2, near the levels of 3585 pounds, after reaching near 3600 pounds yesterday Today.
24-karat gold recorded levels of 4079 pounds, and 18-karat gold recorded levels of 3073 pounds per gram.
The dollar price in Egypt rose within Official banks today to reach levels of 48.45 pounds per dollar, with a slight decline in the dollar price in the parallel market inside Egypt, which recorded levels of 48.55 pounds per dollar.
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