We publish gold prices today, Sunday, May 12, 2024 in Egypt, according to the latest developments in the yellow metal markets at local and global levels.
The latest update for gold prices today was as follows:
The price of a gram of 24 karat gold is around 3,588 pounds.
The price of a gram of 22 carat gold is about 3,289 pounds.
The price of a gram of 21 carat gold is around 3,140 pounds.
The price of a gram of 18 carat gold is about 2691 pounds.
The price of a gram of 14 karat gold is around 2093 pounds.
The price of a gram of 12 karat gold is around 1,794 pounds.
The price of a gram of 9 karat gold is around 1,345 pounds.
The price of the pound of gold is 25,120 pounds.
Last week saw a sharp rise in gold prices, driven by a shift from lackluster US jobs data, which increased expectations of an interest rate cut by the US Federal Reserve.
Spot gold saw a significant increase of 2.55 percent to US$2,360.50 per ounce, while gold futures prices for June delivery rose 2.9 percent to US$2,375 per ounce.
The rise in gold prices came in response to data showing a larger-than-expected increase in new claims for unemployment benefits among Americans.
The unexpected increase has fueled speculation that the Fed may choose to change policy, including lowering interest rates, to support the economy.
Investors are now keeping a close eye on the upcoming economic indicators, especially the Producer Price Index and Consumer Price Index in the United States which are expected to be released if spread this week and silver prices, and the shape of investment decisions in the precious metals market.
Additional insights from University of Michigan data revealed a sharp decline in consumer confidence, with the Consumer Confidence Index falling 12.7 percent month-over-month to 67.4 points in May’s preliminary reading.
This number was lower than expected, which expected a reading of 76.3 points at the same time, the index of current economic conditions also saw a decline of 12.9% per month, to settle at 68.8 points.
The combination of weak economic indicators and growing uncertainty has boosted gold’s appeal as a safe-haven asset, pushing its prices to record highs and underscoring the importance of upcoming economic data in shaping market sentiment and investment strategies.
2024-05-12 08:41:16
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