We publish gold prices today, Monday, December 3, 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 4,205 pounds.
The price of a gram of 22 carat gold is about 3,855 pounds.
The price of a gram of 21 carat gold is about 3,680 pounds.
The price of a gram of 18 karat gold is about 3,154 pounds.
The price of a gram of 14 karat gold is about 2453 pounds.
The price of a gram of 12 karat gold is about 2,102 pounds.
The price of a gram of 9 karat gold is about 1,577 pounds.
The price of the gold pound is 29,440 pounds.
The price of gold is attracting some buyers on Tuesday and is counting on an overnight rebound from the $2,620 area, although any tangible rise seems elusive.
Concerns over US President-elect Donald Trump’s tariff plans, ongoing geopolitical uncertainty and bets that the Federal Reserve will cut interest rates again this month are key factors supporting the precious metal. However, a modest rise in US Treasury yields and some… Subsequent US dollar purchases may keep a lid on the non-returning commodity.
Traders may also prefer to wait for further signals on the path of Fed rate cuts before determining the next phase of the gold price’s directional move. Hence, focus remains glued to important US macroeconomic releases this week, including the closely watched Non-Farm Payrolls report. Closely on Friday apart from this, Fed Chairman Jerome Powell’s speech will be looked at regarding the US interest rate outlook. Meanwhile, the release of US job vacancy data on Tuesday may provide some momentum and help traders seize short-term opportunities around the XAU/USD pair.
Investors remain concerned that US President-elect Donald Trump’s tariff plans could lead to a second wave of global trade wars, which in turn act as a tailwind for the safe-haven price of gold.
The US dollar appears to be building on an overnight recovery from a multi-month low amid bets that the Federal Reserve will keep interest rates high for longer and may put a limit on the precious metal.
The Institute for Supply Management (ISM) manufacturing PMI rose to 48.4 in November amid hopes for business-friendly policies from the incoming Trump administration.
From a technical perspective, yesterday Monday’s break below a four-day up channel was a major catalyst for bearish traders. However, the mixed oscillators on the daily/4-hour charts and the overnight rally call for some caution before setting a meaningful bearish stance. Therefore, any positive move beyond the $2650 area could face resistance near last Friday’s high, at $2666, and the next relevant hurdle is near the 2677-2678 area. $, above which the gold price may aim to reclaim the round figure of $2,700.
On the other hand, the overnight low at $2621-2622 now appears to be protecting the immediate downside ahead of $2605-2600. Some subsequent selling could expose the 100-day simple moving average (SMA), which is currently at the $2,577 area. A convincing break below the latter would pave the way for a slide towards the November low, at $2537-2536.
