We publish gold prices today, Monday, December 2, 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 4211 pounds.
The price of a gram of 22 carat gold is about 3,860 pounds.
The price of a gram of 21 carat gold is about 3685 pounds.
The price of a gram of 18 karat gold is about 3,158 pounds.
The price of a gram of 14 karat gold is about 2456 pounds.
The price of a gram of 12 karat gold is about 2,105 pounds.
The price of a gram of 9 karat gold is about 1,579 pounds.
The price of the gold pound is 29,480 pounds.
The gold price attracts heavy selling at the beginning of a new week/month and falls to the $2623-2622 area, ending a four-day winning streak amid a good recovery in demand for the US dollar.
Expectations that US President-elect Donald Trump’s tariff plans may reignite inflationary pressures and limit the Federal Reserve’s scope to cut interest rates lead to a new rise in US Treasury yields, which in turn helps the US dollar achieve a strong recovery from its lowest level in three weeks. Almost touched on Friday is turning out to be a major factor driving flows away from the non-returning yellow metal.
However, markets are still anticipating a greater chance of the US central bank cutting borrowing costs later this month. This, combined with ongoing geopolitical risks stemming from the protracted Russia-Ukraine war and conflicts in the Middle East, will help limit losses to the safe-haven price of gold. .
Traders also appear to be hesitant and prefer to wait for important US macroeconomic releases this week, including the closely watched Non-Farm Payrolls report, to get signals on the path of Fed rate cuts and this in turn will play a major role in influencing the dynamics. US dollar prices and determining the next stage of the directional movement of the GOLD/USD pair.
The US dollar made a good recovery from its lowest level since November 12, which it touched last Friday, amid a new rise in US Treasury bond yields, weighing on the price of gold at the beginning of a new week/month.
Investors appear convinced that US President-elect Donald Trump’s tariff plans could spark a second wave of trade wars and push consumer prices higher, forcing the Federal Reserve to stop cutting interest rates.
In a critical post over the weekend, Trump threatened to impose 100% tariffs on the BRICS countries – Brazil, Russia, India, China and South Africa – if they replaced the US dollar with another currency for international transactions.
China’s official manufacturing PMI rose to 50.3 in November from 50.2, while the National Bureau of Statistics’ non-manufacturing PMI fell to 50.0 during the reported month from 50.2 in October.
China’s Caixin manufacturing PMI rose to 51.5 in November after recording 50.3 in October amid hopes that the government will provide more stimulus to support domestic demand.
Important US macroeconomic releases this week, starting with the ISM Manufacturing PMI later this Monday, will be on the lookout for a rate cut, which in turn will push the US dollar and XAU/USD unyielding.
The break point of the uptrend channel support, around the $2642-2643 area, may now act as an immediate obstacle to the fixed resistance at $2652 and last Friday’s high, around the $2665 area. Some follow-up buying should allow the gold price to regain the round number mark. $2700 and extending the positive move further towards the $2721-2722 supply zone. The latter should act as a pivot point, which if decisively crossed will indicate that The recent corrective decline from the historical peak touched in October has run its course and is setting the stage for further discretionary moves.
