We publish gold prices today, Saturday, November 30, 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 4,200 pounds.
The price of a gram of 22 carat gold is about 3,850 pounds.
The price of a gram of 21 carat gold is about 3,675 pounds.
The price of a gram of 18 carat gold is about 3,150 pounds.
The price of a gram of 14 karat gold is about 2,450 pounds.
The price of a gram of 12 karat gold is about 2,100 pounds.
The price of a gram of 9 karat gold is about 1,575 pounds.
The price of the gold pound is 29,480 pounds.
Today, Saturday, the price of gold rose by 0.67%, but it is still set to record monthly losses of more than 3%. Geopolitical risks continue to drive price movement with the non-returning metal’s volatility at around $2,600 and gold trading at $2,652 after reaching its lowest daily level. At $2,634.
Geopolitical tensions in the Middle East eased after Israel and Lebanon agreed to a ceasefire. However, both countries accused the other of violating the agreement.
Gold prices may remain high after the escalation of the conflict between Russia and Ukraine. Last week, Russia attacked energy infrastructure in Ukraine and threatened to attack with ballistic missiles. Russia’s response is retaliation against the United States and the United Kingdom for allowing missiles manufactured in both countries to be deployed inside Russia.
In November, bullion prices were affected by the victory of US President-elect Donald Trump on November 5, and some of his proposals are vulnerable to inflation, such as imposing customs tariffs and reducing taxes.
This has strengthened the US dollar, which is set to end November with gains of more than 2%, according to the US Dollar Index and speculation that the new US administration’s fiscal policy is expansionary may prevent the Fed from continuing to cut interest rates.
The selection of Scott Bescent as Treasury Secretary for the next Trump administration calmed the markets and boosted gold prices last week, and investors see Bescent as a friend of the market, which may mitigate the severity of Trump’s harsh trade policies.
Thus, market participants are optimistic that the Fed will cut interest rates by 25 basis points at the December meeting and according to the CME FedWatch Tool, the swaps market sees a 66% probability of such a decision.
Gold prices recovered with US real yields falling seven basis points to 1.92% and the 10-year US Treasury yield falling six basis points to 4.182%.
The US Dollar Index (DXY), which tracks the dollar’s performance against six currencies, was down 0.37% at 105.75 on the day. However, it is set to post gains of over 1.79% for the month.
The latest US GDP figures and the Core Personal Consumption Expenditures (PCE) Price Index suggest that the US economy remains strong and that easing policy may need to pause.
However, Fed officials appeared convinced that further easing is needed and may cut interest rates at the December meeting. However, they have adopted a more cautious stance, opening the door to pausing the easing cycle.
Data from the Chicago Board of Trade, across December federal funds rate contracts, show that investors estimate the Fed will ease by 24 basis points by the end of 2024.
