We publish gold prices today, Friday, November 29, 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 29,400 pounds.
The gold price is extending a gradual recovery pattern and testing the critical resistance at $2,670 early Friday, after reaching a weekly low of $2,605 on Tuesday.
The weak performance of the US dollar along with US Treasury bond yields provides support to the rise in the price of gold.
Despite the growing risks of a global tariff war, and US President-elect Donald Trump’s tariff announcements earlier in the week, the US dollar maintained its downbeat performance against its major rivals amid sustained bets that the US Federal Reserve will cut interest rates by 25 basis points in… December.
US Personal Consumer Expenditure (PCE) price index data released on Wednesday failed to dampen expectations of a Fed rate cut as markets now estimate the odds of a December Fed rate cut at around 63%, according to CME Group’s FedWatch tool, up from around 55%. Which was seen a week ago.
Dovish sentiment around the Fed’s upcoming policy action continues to support the price of non-interest bearing gold.
Meanwhile, the price of traditional safe haven gold is also benefiting from renewed geopolitical tensions between Russia and Ukraine.
Looking ahead, it remains to be seen whether the gold price will build on the recovery momentum amid weak trading conditions, as US traders may be away due to the long Thanksgiving holiday. Furthermore, the gold price may also benefit if the US dollar sees a new decline amid extended declines. In the USD/JPY pair.
The Japanese yen’s sharp recovery comes after inflation data in Tokyo came in hotter than expected and boosted bets of an interest rate hike from the Bank of Japan (BoJ) next month.
The US agenda will be empty on Friday, therefore, the Eurozone inflation report may push sentiment somewhat along with the weekend flows, impacting the gold price movement.
Technically, gold buyers are resisting taking control, which is justified by the 14-day Relative Strength Index (RSI) which briefly regained the 50 level. However, with the Bear Cross continuing, the bullish gold price conviction is likely to fade.
And if gold buyers fail to find acceptance above the 50-day simple moving average at $2,670 on a daily close basis, sellers will likely jump back in, sending the shiny metal back towards the previous day’s low at $2,621 and the next support lies. At a weekly low of $2,605, below which a decline towards the 100-day SMA at $2,573 cannot be ruled out.
On the flip side, a sustained move above the 50-day SMA at $2,670 could open the way for a rise towards the $2,700 level and to the north, gold’s November 25 high at $2,721 will be tested.
