We publish gold prices today, Tuesday, November 26, 2024 in Egypt, according to the latest developments in the yellow metal markets at the local and global levels.
The latest update for gold prices today in Egypt was as follows:
The price of a gram of 24 karat gold is about 4188 pounds.
The price of a gram of 22 carat gold is about 3,839 pounds.
The price of a gram of 21 carat gold is about 3665 pounds.
The price of a gram of 18 karat gold is about 3,141 pounds.
The price of a gram of 14 karat gold is about 2443 pounds.
The price of a gram of 12 karat gold is about 2094 pounds.
The price of a gram of 9 karat gold is about 1,570 pounds.
The price of the gold pound is 29,320 pounds.
The price of gold is struggling to benefit from its intraday rebound from the $2,600 level, or its lowest level in a week, and remains lower for the second day in a row today, Tuesday. US President-elect Donald Trump’s threat of tariffs prompted some safe haven flows and provided a modest intraday boost to the precious metal. Safe However, a less pessimistic Fed outlook limits the non-yielding bullion’s rise.
Meanwhile, the market’s growing conviction that Trump’s expansionary policies will reignite inflation and force the Fed to slowly lower interest rates is leading to a new rise in US Treasury yields. This is helping the US dollar (USD) regain positive momentum and is turning out to be another factor undermining demand. On the gold price Apart from this, optimism over the nomination of Scott Besent as US Treasury Secretary and a possible ceasefire between Israel and Hezbollah is limiting gold’s rise.
Optimism regarding the nomination of Scott Besant as US Secretary of the Treasury and the ceasefire agreement between Israel and Hezbollah greatly affected the safe haven price of gold at the beginning of a new week.
Hopes that Becent would take a more gradual approach on tariffs in an attempt to rein in the budget deficit led to a sharp decline in US Treasury yields and undermined the US dollar.
The yield on benchmark 10-year US government bonds fell by the most since early August, although the decline remains limited amid bets on a less pessimistic Federal Reserve.
Chicago Fed President Austin Goolsbee said Monday that barring some convincing evidence of rising rates, he expects the central bank to continue cutting interest rates.
Separately, Minneapolis Fed President Neel Kashkari said it was still appropriate to consider another rate cut at the Federal Open Market Committee’s monetary policy meeting in December.
However, traders continue to scale back their bets on another 25 basis point interest rate cut by the Fed in December amid expectations that Trump’s policies will boost inflation.
This acts as a support for US bond yields and helps the US dollar fill the weekly bearish gap, which may limit any meaningful rise in the non-yield-producing yellow metal.
US President-elect Donald Trump has threatened to impose a 25% tariff on all products coming into the US from Mexico and Canada and an additional 10% tariff on all Chinese imports.
In addition, concerns about the economic impact of increased tariffs are cooling investors’ appetite for riskier assets and driving some safe-haven flows into XAU/USD.
Market players are now looking to the Federal Open Market Committee minutes for signals on the path of future interest rate cuts, which would drive demand for the US dollar and provide new momentum for the commodity.
This week’s US economic data schedule also includes the first review of third-quarter GDP data in the United States and the release of the US Personal Consumption Prices and Spending Index.
The $2,600 level may continue to protect the immediate downside and some subsequent selling will expose the 100-day SMA, which is currently near the $2,565 area, and a subsequent decline will likely drag the gold price towards a monthly low, around the $2,537 area. -$2,536 A convincing break below the latter would be seen as a new catalyst for bearish traders and paves the way for an extension of the recent sharp slide from the $2,800 area, or the historical peak reached. Touched it in October.
