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Gold prices fell Tuesday on the local market, worth two pounds per gram, to reach the lowest level for about a month and a half, in the words of Najib, secretary general of the Golden Chamber of Cairo.
The price of one gram of gold 21 caliber fell during the day to 612 pounds against 614 pounds on Monday
The gram of the caliber 18 at about 524 pounds, the price of the lg. gold from 24 grams to about 700 pounds, and the pound to 4896 pounds.
Lower prices in the local market to the world events affecting the market The world market, and the most important is the concern of the foreign investors regarding the trade war between China and America, which began in recent months, in addition to the change in the US interest rate, indicating that the domestic market is linked to the global market.
The current decline in gold is the longest global decline since 2013, according to the agency.
In early April, the price of metal in the world began to decline due to the fear of foreign investors from the outbreak of the war. T
Investors fear that a US trade war has pushed them over the last few months to plummet the demand for the precious metal as a safe haven.
Investors have once again invested money in the stock markets, pushing global stocks higher The dollar has risen, making gold more expensive for holders of other currencies, according to Reuters.
The Federal Reserve is pushing the Federal Reserve to reaffirm its expectations of a gradual rate hike at the end of a meeting ending Wednesday.
It usually causes an increase in speed According to Naguib, the US interest for gold prices drops due to the rise of the dollar compared to other currencies.
Higher interest rates generally support the dollar and push bond rates higher.
In June, the US central bank raised its director interest rate by a quarter of a percentage point, from 1.75 to 2%, with expectations of further rate hikes. interest in 2018.
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