We publish gold prices today, Friday, December 13, 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 4382 pounds.
The price of a gram of 22 carat gold is about 4017 pounds.
The price of a gram of 21 carat gold is about 3,835 pounds.
The price of a gram of 18 karat gold is about 3,287 pounds.
The price of a gram of 14 karat gold is about 2556 pounds.
The price of a gram of 12 karat gold is about 2191 pounds.
The price of a gram of 9 karat gold is about 1,643 pounds.
The price of the gold pound is 30,680 pounds.
The price of gold gives up a large portion of its daily gains and retreats to the lower end of the daily range during the day, Friday, and the market’s growing conviction that the Federal Reserve will adopt a cautious stance on cutting interest rates, amid signs that progress in reducing inflation to its 2% target has stalled, remains supportive. US Treasury bond yields are rising and this in turn is helping the US Dollar (USD) maintain its gains recorded over the past week or so, to a new monthly peak and acting as a headwind for the non-yielding yellow metal.
However, any meaningful decline in the price of gold appears limited as traders may refrain from placing aggressive bets and choose to move on the sidelines ahead of the highly anticipated two-day Federal Open Market Committee policy meeting that begins next Tuesday. Beyond this, the geopolitical risks stemming from the war between Russia and Ukraine and tensions in the Middle East, along with concerns about US President-elect Donald Trump’s tariff plans, may support safe bullion. This in turn calls for some caution before preparing to extend the previous day’s sharp slide from the five-week high.
Absent any major upside surprise from the latest US consumer inflation figures released on Wednesday, markets now appear to have fully priced in a 25 basis point interest rate cut by the Federal Reserve next week as the US Bureau of Labor Statistics reported on Thursday. The headline producer price index rose 0.4% in November and the annual rate accelerated from 2.6% in October to 3% during the reported month.
A less pessimistic Fed outlook continues to push US Treasury yields and help the US dollar maintain its weekly gains to a new monthly peak, which could limit the less-yielding yellow metal.
Investors are eagerly awaiting the crucial policy decision of the Federal Open Market Committee next week for signals on the outlook for US interest rates. This will drive demand for the US dollar and provide some beneficial momentum for gold.
From a technical perspective, any further strength above the $2,700 level will likely encounter resistance near the $2,725-26 area or the monthly high touched on Thursday and a subsequent bullish move could take gold price to the mid-$2,735 mark on its way to the supply zone. $2748-2750 and the next related barrier is pinned near the $2775 area, above which bulls may aim to challenge the historical peak, around the $2800 area which has been Touched it in October.
On the other hand, the $2,675-2,674 area now appears to have emerged as immediate strong support. However, a convincing break lower could prompt some technical selling and pave the way for further losses towards the $2,658-2,656 confluence – which consists of simple moving averages over 50 and 200 periods on the four-hour chart and the latter should act as a major pivot point, which if broken decisively could leave the gold price vulnerable to further weakness towards the… $2,632-2,630 on its way to the $2,600 mark.
