We publish gold prices today, Thursday, November 21, 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 4,280 pounds.
The price of a gram of 22 carat gold is about 3,923 pounds.
The price of a gram of 21 carat gold is about 3,745 pounds.
The price of a gram of 18 carat gold is about 3,210 pounds.
The price of a gram of 14 karat gold is about 2496 pounds.
The price of a gram of 12 karat gold is about 2140 pounds.
The price of a gram of 9 karat gold is about 1,605 pounds.
The price of the gold pound is 29,960 pounds.
Gold stabilizes at its highest level in more than a week above the $2,650 barrier in trading hours on Thursday, and all eyes remain focused on the speeches of many policymakers at the US Federal Reserve and the geopolitical updates of Russia and Ukraine, in the absence of first-class US economic data.
The price of gold extends into a recovery pattern for the fourth straight session early Thursday, helped by a modest decline in the US dollar and US Treasury yields.
The US dollar rose strongly on Wednesday, tracking sharp gains in US bond yields as traders boosted Trump’s trade optimism, digesting hawkish Federal Reserve comments and poor 20-year bond auction results.
Most of the Fed officials who spoke on Wednesday appeared to be a bit hawkish, prompting markets to reduce their expectations for a 25 basis point cut in interest rates in December.
Fed Governor Michelle Bowman said that “the US central bank must adopt a dovish approach to monetary policy” and was the most hawkish of the group.
Fed Governor Lisa Cook also noted that the timing of further interest rate cuts will depend on upcoming data, making the central bank’s decision at its December meeting uncertain.
However, Kansas Fed President Jeffrey Schmid said, “Now is a good time to ease policy restrictions. I see full employment, downward inflation and strong growth.” Boston Fed President Susan Collins also seemed tolerant, saying “Some additional interest rate cuts are necessary because policy remains constrained.”
Markets are now pricing in a 52% chance of a 25 basis point cut in federal funds rates in December, according to CME Group’s FedWatch tool, down from about 83% seen a week ago.
Despite the hawkish shift in the Fed’s outlook and Trump’s optimism, the gold price has held up and benefited from intensifying geopolitical tensions between Russia and Ukraine.
Gold price is likely to remain supported but upcoming Fed comments may boost sellers. Additionally, if risk aversion peaks in the coming sessions, the US dollar may regain strength in a flight to safety, capping the rise in gold price.
The short-term technical outlook for gold price appears to be tilted in favor of buyers as the 14-day Relative Strength Index (RSI) pushes the 50 level to the upside. The index is currently just above 50. However, an impending bearish crossover could act as a headwind for the gold price. The 21-day simple moving average (SMA) crosses the 50-day SMA from above. If this happens on a daily closing basis, it will prove a bearish crossover.
Gold buyers need a daily candlestick close above the 50-day SMA at $2,660 to unleash a further recovery towards the 21-day SMA at $2,680. The $2,700 threshold will be the next important target for buyers and conversely, failure to find acceptance. Above the 50-day SMA at $2,660 on a daily closing basis may boost sellers towards the $2,600 threshold.
