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Gold expected to rise globally and in Egypt due to inflation in America

Mohsen Fawzy, one of the gold producers in Egypt, expected a rise in gold in global stock exchanges in the coming days, with a clear rise in inflation rates in the United States of America, indicating that the Egyptian market is vulnerable to these developments.

Consumer prices "inflation" in the United States rose more than expected, as booming demand in light of the reopening of the economy contributed to addressing supply constraints, which may feed money market fears of a long period of high inflation.

The Ministry of Labor said yesterday that annual inflation rose 4.2% in April, against expectations of a 3.6% rise, and a 0.8% rise on a monthly basis, and with the exception of foodstuffs and price volatile energy elements, the consumer price index rose 0.9%. The so-called core CPI rose 0.3% in March.

Mohsen Fawzi told Al-Youm Al-Sabea that the rise in inflation rates in America will raise the price of gold in the coming days, and we may reach levels of $ 1850 per ounce, and this may push gold in Egypt to levels of 800 pounds for 21 gauge.