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Gold prices are falling globally, with the dollar rising
03:21
Friday, November 09, 2018
Cairo –
Since August, gold fell on Friday, with the slightest downtrend to the biggest weekly drop since the dollar reached its high 16-month high after the Federal Reserve's stance on tightening its monetary policy and appears to have raised interest rates again. December
By 1028 GMT local gold fell by 0.3 percent to $ 1219.5 an ounce, reaching the lowest level since November 1, 1217.20 per ounce.
Gold in the US futures market fell by 0.4% to $ 1220.3 an ounce.
Gold on October 26 reached record highs of $ 1243.32 an ounce, the highest since mid-July
The dollar rose to a high of 16 months, supported by a strong US economy and interest rate environment, increasing the cost of precious metals to holders of other currencies.
The increase in interest rates on gold prices also raises the untapped opportunities to purchase non-reimbursable metals.
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