We publish gold prices today, Friday, December 1, 2023 in Egypt, 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 3,154 pounds.
The price of a gram of 21 carat gold is about 2760 pounds.
The price of a gram of 18 karat gold is about 2,366 pounds.
The price of a gram of 14 karat gold is about 1840 pounds.
The price of the gold pound is about 22,080 pounds.
The price of gold achieved new offers today, Friday, and held on to its modest gains during the day during the early European session, despite its lack of follow-up. The precious metal is still a striking distance from its highest level since May 5, which it touched on Wednesday, and is currently trading around the $2041-2042 area. $, up 0.25% on the day.
US macro data released on Thursday showed further signs of easing inflationary pressure and also pointed to a slowing labor market. This has boosted bets that the Federal Reserve (Fed) will keep interest rates steady and possibly start lowering them in 2024, which in turn is seen as benefiting the non-yielding yellow metal.
Moreover, conflicting economic signals from China – the world’s second-largest economy – are weighing on investor sentiment and turning into another factor acting as a tailwind for the safe-haven gold price. However, New York Fed President John Williams, along with Chairwoman… San Francisco Fed Mary Daly raised expectations for a quick pivot to lower interest rates and left the door open for further tightening if progress on inflation stalls. This helps the US Dollar (USD) maintain its rebound gains recorded over the past two days and puts a cap on the XAU/USD price. Traders are now looking to the US ISM PMI for some momentum ahead of Fed Chair Jerome Powell’s speech.
The price of gold derives support from the Fed’s dovish hopes and weak demand for the US dollar. Bets that the Fed will not raise interest rates again and may begin to ease its monetary policy by the first half of 2024 continue to provide some support to the price of gold, which does not generate a return. CME Group’s FedWatch tool indicates a likelihood of the Fed cutting interest rates as early as March 2024 and a roughly 80% chance of such a move at the FOMC meeting in May.
The bets were confirmed by headline inflation data on Thursday, which showed that the personal consumption expenditures (PCE) price index remained unchanged in October and over the 12-month period, the PCE price index registered the smallest year-on-year increase since March 2021 and slowed from 3.4%. To 3.0% during the aforementioned month.
Moreover, the measure that excludes volatile food and energy prices rose a modest 0.2% in October and saw a 3.5% annual rise, also indicating signs of easing inflation. Another report showed that unemployment claims rose to 218,000 last week and that 1.93 million people They were collecting unemployment benefits the week ending Nov. 18 — the most in two years.
New York Fed President John Williams said Thursday that it would be appropriate to maintain a restrictive stance for some time to bring inflation back to the 2% target. San Francisco Fed President Mary Daly noted that interest rates are in a very good position to control inflation, although Although it is not considering cuts and it is too early to say whether the increases are over or not.
Given the recent mixed signals, market attention will remain on Fed Chair Jerome Powell’s speech, which could trigger some volatility and provide new momentum for XAU/USD. Traders will also face the release of the US ISM Manufacturing PMI, which is expected to improve to 47.6 in November, although it remains in contraction territory for the 12th straight month.
From a technical perspective, any subsequent move higher will likely encounter some resistance near the $2,052 area, or a multi-month peak. With the oscillators on the daily chart holding comfortably in positive territory, some subsequent buying will be seen as a fresh impetus for bullish traders and allow the gold price to further accelerate momentum towards challenging the all-time high, around the $2,079 region. The 2080 area was touched in May.
On the flip side, an overnight swing low, around the $2030 area, could serve as immediate support ahead of the $2020 area and the strong horizontal resistance point between $2010 and $2008. The latter should act as a major pivot point, which if broken could trigger some technical selling and pull the gold price below the psychological $2000 mark, towards testing the next relevant support near the $1990 area.
2023-12-01 08:48:52
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