Today, Thursday, February 29, 2024 in Egypt, gold prices continued to decline to their lowest level in 2024, according to the latest developments in the yellow metal markets at the local and global levels.
Today’s gold prices were as follows:
The price of a gram of 24 karat gold is about 3,405 pounds.
The price of a gram of 22 carat gold is about 3,122 pounds.
The price of a gram of 21 carat gold is about 2,980 pounds.
The price of a gram of 18 karat gold is about 2554 pounds.
The price of a gram of 14 karat gold is about 1986 pounds.
The price of a gram of 12 karat gold is about 1,702 pounds.
The price of a gram of 9 karat gold is about 1,277 pounds.
The price of the gold pound is 23,840 pounds.
The price of gold continues its sideways price movement during the first half of the European session as traders choose to wait for more signals on the path of interest rate cuts by the US Federal Reserve before placing new directional bets.
Hence, the focus will remain on the release of the US PCE price index and any signs of steady inflation will reinforce bets that the Fed will keep interest rates high for longer, which in turn would strengthen the US dollar and stimulate some selling around the metal. Yellow, which does not generate revenue.
In the run-up to the key data, US dollar bulls appear to be hesitant and remain on the sidelines, which, coupled with the cautious mood in equity markets, is providing some support to the safe-haven gold price. At the same time, the lack of any meaningful buy orders calls for caution before asserting that the XAU/USD pair has formed a near-term bottom and position to resume the recent recovery from the $1984 area, or the YTD low since the beginning of February.
From a technical perspective, continued strength beyond the $2041-2042 barrier will be seen as a new impetus for the bulls and push the gold price further towards the next relevant hurdle near the $2065 region given that the oscillators on the daily chart are just starting to turn. Gaining positive momentum, the momentum may extend further and allow XAU/USD to target a return to reclaim the round-figure mark of $2,100.
On the other hand, the weekly low. Around the $2024-2025 area, which was touched the previous day, may continue to offer some support ahead of the 100-day SMA, which is currently near the $2012-2013 area and is followed by the $2000 psychological mark, which if broken may It changes the near-term bias in favor of bearish traders and pulls the gold price to the $1984 support level on its way to the all-important 200-day SMA, near the $1968 area.
2024-02-29 14:04:19
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