We publish gold prices today, Saturday, November 23, 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 4,302 pounds.
The price of a gram of 22 carat gold is about 3,944 pounds.
The price of a gram of 21 carat gold is about 3,765 pounds.
The price of a gram of 18 karat gold is about 3,227 pounds.
The price of a gram of 14 karat gold is about 2510 pounds.
The price of a gram of 12 karat gold is about 2151 pounds.
The price of a gram of 9 karat gold is about 1,613 pounds.
The price of the gold pound is 30,120 pounds.
The price of gold rose to a new high in two weeks as US Treasury yields fell.
Geopolitics continued to play its role, maintaining demand for the gold metal, while business activity improved in the US, limiting the advance of the non-returning metal. Gold is trading against the US dollar at $2,710, with a gain of 1.50%.
The yellow metal rose due to a slight decline in US Treasury yields and the US 10-year Treasury bond fell by two basis points to 4.40%, which is a tailwind for bullion prices, and is set to record gains of more than 5% over the course of the week.
Risks that the Russia-Ukraine war could expand into a US-Russian conflict are keeping bullion prices high and this and uncertainty over the Middle East conflict involving Israel and Lebanon could pave the way for a retest of the gold/USD pair’s all-time high at $2,790.
In terms of data, the US economic agenda included the release of the S&P Flash global PMIs for November. Services and composite indices expanded, beating estimates and October numbers. However, the manufacturing PMI, despite improving above expectations and the previous month’s release, remained below Line 50, which divides areas of expansion/contraction.
Recently, the University of Michigan (UoM) revealed that consumer sentiment among Americans improved compared to the initial reading, while inflation is expected to approach the Fed’s 2% target in the next 12 months.
Meanwhile, some Fed officials crossing the wire have become a bit concerned about the stalling of inflation progress and although the majority advocate for looser policy, they acknowledge that the economy remains strong; If inflation takes hold above the 2% target, they may halt the easing cycle.
Traders cut the chances of a rate cut by 25 basis points at the December meeting and the CME FedWatch tool sees a 56% chance of a rate cut, down from a 58% chance two days ago.
Key economic indicators are scheduled to be released this week, including Fed meeting minutes, October durable goods orders, and the core personal consumption expenditures (PCE) price index, the Fed’s preferred measure of inflation.
