We publish gold prices today, Wednesday, December 11, 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 4342 pounds.
The price of a gram of 22 carat gold is about 3,981 pounds.
The price of a gram of 21 carat gold is about 3,800 pounds.
The price of a gram of 18 karat gold is about 3,257 pounds.
The price of a gram of 14 karat gold is about 2533 pounds.
The price of a gram of 12 karat gold is about 2171 pounds.
The price of a gram of 9 carat gold is about 1628 pounds.
The price of the gold pound is 30,400 pounds.
Gold price is attracting some dip buying near the $2675-2674 area and halting its sharp intraday decline from the highest level in more than two weeks touched earlier this Wednesday.
Gold is currently trading just below the $2,700 mark, virtually unchanged for the day, as traders opt to wait on the sidelines ahead of the US Consumer Price Index (CPI) report, due for release today. Crucial inflation data will guide Fed policymakers on their decision next week. It provides some useful momentum for the non-returning yellow metal.
Meanwhile, a combination of divergent forces is leading to a good two-way price action around the gold price amid some repositioning ahead of key data risks. Expectations that the Fed will adopt a dovish stance on rate cuts are leading to a new rise in US Treasury yields and this is helping… The US dollar continues to maintain its gains recorded over the past three days and acts as a headwind for the commodity. However, geopolitical risks, coupled with trade war concerns, continue to provide some support to the safe haven USD and call for caution for bearish traders.
The Bank of Canada is expected to cut interest rates later today, while the European Central Bank and Swiss National Bank are likely to follow suit tomorrow, Thursday, which should continue to support the price of non-yielding gold.
According to CME Group’s FedWatch tool, markets are currently pricing in a greater than 85% probability that the Fed will cut borrowing costs by 25 basis points at its December policy meeting.
However, recent hawkish comments from several influential FOMC members, including Fed Chairman Jerome Powell, suggest that the US central bank may adopt a more cautious stance on cutting interest rates.
A less pessimistic Federal Reserve outlook helped US Treasury yields rise for a second day on Tuesday and lifted the US dollar to a four-day high, though that did little to dampen bullish sentiment around the precious metal.
The market’s focus remains on the crucial US CPI report, which may provide clues about the outlook for US interest rates and give new momentum to the non-returning XAU/USD pair.
The headline US CPI is expected to rise by 0.3% in November and rise by 2.7% year-on-year. Meanwhile, the core index (excluding food and energy prices) is expected to remain unchanged at 3.3% year-on-year.
From a technical perspective, the breakout of the $2650-2655 supply zone this week and the subsequent upward move favor bullish traders. On the other hand, a sustained move above the $2700 ring figure may extend towards the $2720-2722 barrier followed by resistance near the $2735 area. Which if exceeded would indicate that the recent corrective decline from the all-time high touched in October has run its course and shift the bias in favor of bullish traders and may raise The momentum then led the gold price to the $2758-2760 barrier on its way to the $2770-2772 area and the $2790 area, or the record peak.
