We publish gold prices today, Sunday, December 1, 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 4217 pounds.
The price of a gram of 22 carat gold is about 3,865 pounds.
The price of a gram of 21 carat gold is about 3,690 pounds.
The price of a gram of 18 carat gold is about 3,162 pounds.
The price of a gram of 14 karat gold is about 2460 pounds.
The price of a gram of 12 karat gold is about 2,108 pounds.
The price of a gram of 9 karat gold is about 1,581 pounds.
The price of the gold pound is 29,520 pounds.
Gold recorded its worst monthly performance in more than a year despite its rise for the fourth day in a row, as the metal continues to recover from its heavy losses during the sales led by Donald Trump’s election victory.
Spot gold rose 0.7% to $2,657.84 an ounce, but recorded a weekly decline of 1.9% after a sharp decline on Monday. US gold futures rose 0.7% at $2,683.30 an ounce.
Bullion is now down more than 3% so far this month, its worst monthly decline since September 2023, as “Trump euphoria” lifted the US dollar this month and halted gold’s rise, triggering a post-election sell-off.
Meanwhile, the dollar index fell to its lowest levels in more than two weeks but posted a 2% rise in November as Trump’s win fueled expectations of big fiscal spending, higher tariffs and tougher borders.
Gold, supported by geopolitical tensions and interest rate cuts by the Fed this year, now faces pressure as higher tariffs could stoke inflation and prompt the Fed to adopt a cautious approach to further cutting prices.
Analysts said that it is not yet certain how the tariffs pledged by Trump will play out and the uncertainty regarding the matter. Tariffs that may lead to a slowdown in economic growth may actually be beneficial to the gold market from a safe haven basis.
Bullion rose by about 1.1% after geopolitical tensions escalated in Ukraine following another major attack by Russia.
“Ongoing global uncertainty continues to drive demand for gold as a safe-haven asset,” Ole Hansen, head of commodity strategy at Saxo Bank, said in a note.
