We publish gold prices today, Thursday, November 14, 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 4120 pounds.
The price of a gram of 22 carat gold is about 3776 pounds.
The price of a gram of 21 carat gold is about 3,605 pounds.
The price of a gram of 18 karat gold is about 3,090 pounds.
The price of a gram of 14 karat gold is about 2,403 pounds.
The price of a gram of 12 karat gold is about 2060 pounds.
The price of a gram of 9 karat gold is about 1,545 pounds.
The price of the gold pound is 28,840 pounds.
The price of gold settled at its lowest level in two months at $2,560 early Thursday morning, as buyers eagerly awaited US Federal Reserve Chairman Jerome Powell’s speech to take a break.
The series of gold price losses extended to the fifth day in a row on Thursday, thanks to the continued demand for the US dollar in addition to the rise in US Treasury bond yields.
Trump trade-led European optimism continues to drive US dollar buyers, despite in-line October US CPI data and a series of speeches from Federal Reserve policymakers.
The US CPI rose 2.6% annually in October, higher than the 2.4% growth in September while meeting expectations. Annual core consumer price inflation held steady at 3.3% in the same period versus 3.3% expected. The monthly figures also matched estimates.
Meanwhile, Federal Reserve officials remain cautious about inflation expectations, suggesting a dovish approach by the US central bank in the coming months.
However, US inflation data and Fed comments recommended that the Fed go for another 25 basis points cut in interest rates in December. In fact, the market pricing for such a move next month is now about 83%, CME Group’s FedWatch tool shows, compared with about 63% before the data was released.
Gold buyers fail to benefit from the Fed’s dovish outlook, as the dollar’s rally inspired by Trump’s deals outperforms, exacerbating the pain in the shiny metal.
The gold price gave up the $2,600 level on a daily closing basis on Wednesday, opening the door for further downside. Adding credence to the bearish potential, the 14-day Relative Strength Index (RSI) is indicating a decline while being well below the 50 level, approaching a peak zone. sale.
Immediate support is seen at the confluence of the 100-day Simple Moving Average (SMA) and the September 18 low near $2,545 and a sustained break below the latter would start a new downtrend towards the $2,500 threshold, with the next downside target seen below. Level on September 4 at $2,472 and if the gold price attempts to recover, the $2,600 level will challenge bearish commitments and acceptance above this level will extend the recovery towards the November 13 low of $2,619 and above, the 50-day SMA will provide At $2651, strong resistance for gold buyers.
