We publish gold prices today, Tuesday, December 10, 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 4314 pounds.
The price of a gram of 22 carat gold is about 3,954 pounds.
The price of a gram of 21 carat gold is about 3,775 pounds.
The price of a gram of 18 carat gold is about 3,235 pounds.
The price of a gram of 14 karat gold is about 2516 pounds.
The price of a gram of 12 karat gold is about 2157 pounds.
The price of a gram of 9 carat gold is about 1617 pounds.
The price of the gold pound is 30,200 pounds.
The price of gold maintains its bid tone on Tuesday and is currently trading slightly below its highest level in two weeks, which it touched the previous day.
The worsening Russia-Ukraine war, along with political unrest in South Korea and France, continues to boost safe-haven demand. In addition, the resumption of buying by the Chinese central bank for the first time in seven months is acting as a tailwind for the safe-haven precious metal.
Moreover, falling US Treasury yields, amid bets that the Fed will lower borrowing costs this month, are keeping US dollar bulls on the defensive and further supporting the price of non-yielding gold. This, combined with concerns about the president’s tariff plans US-elect Donald Trump signals that the path of least resistance for the XAU/USD pair is to the upside, although a less pessimistic Federal Reserve outlook may limit gains.
Geopolitical tensions in the Middle East increased over the weekend after militants seized power in Syria, forcing President Bashar al-Assad to flee to Russia and driving safe haven flows towards the gold price.
The People’s Bank of China announced on Saturday that it had purchased 160,000 troy ounces of gold in November, ending a six-month pause in purchases and providing additional support for bullion.
US President-elect Donald Trump pledged to impose heavy tariffs on America’s three largest trading partners – Mexico, Canada and China – and also threatened to impose 100% tariffs on the BRICS countries.
From a technical perspective, the overnight breakout and daily close above the $2,650 barrier can be seen as a new catalyst for bullish traders. Moreover, the oscillators on the daily chart are just starting to gain positive momentum and support the prospects of another discretionary move for the gold price and thus, some follow-up force. Towards a recovery of the $2700 level, on the way to the $2720-2722 supply zone, looks like a distinct possibility.
On the flip side, the resistance break point at $2,650, which coincides with the 200-period Exponential Moving Average (EMA) on the 4-hour chart, should now act as immediate strong support. A convincing break lower could reveal the next relevant support near the $2625-2620 area before the gold price eventually drops to the $2600 mark.
A subsequent break below the 100-day SMA, currently around the $2590-2585 area, will pave the way for deeper losses and pull XAU/USD to its November low, around the $2537-2536 area.
