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Local gold prices continued to decline during trading on Friday, losing 12 pounds per gram, reaching a record 18 carats, 598 pounds, a price of 219 pounds, 699 pounds, a price of 24 carat gold of about 797 pounds and a price of 5,634 pounds.
Local gold prices are affected by international stock prices, which are dropping sharply on Friday amid fears of an economic slowdown and the announcement of the resumption of trade talks between Washington and Beijing in October, and should continue the decline of the world market and Egyptian during the evening session, to reach the 21 gauge, to 219 pounds.
The price of gold recorded the largest daily decline in three years and during the day, the price of gold spot fell 0.6% to $ 1509.41. ounce, after falling 1% to $ 1504.30, its lowest level since August 23rd. Futures contracts 0.5% to $ 1517.90 ounce.
The monthly report on US employment is expected tomorrow at 12:30 GMT to take a closer look at the strength of the US labor market. The risk appetite is also boosted by the announcement of the conclusion by the United States and China of high-level talks in early October, fueling the optimism of the significant advances in the reduction of escalation in the long and bitter trade dispute between the two countries.
Since the beginning of the year, prices have risen by about 18%, resulting in a trade war and fears of a slowdown in the global economy and encouraging the world's major central banks to reduce their interest rates.
For other precious metals, silver fell 1.4% to 18.37 dollars an ounce, after falling 4.8% in the previous session. Money remains on the rise. Money has reached its highest level since September 2016 on Wednesday.
Palladium fell 0.7% to $ 1,548.94, after rising three times in a row, while platinum fell 3% to $ 928.25 an ounce.
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