We publish gold prices today, Monday, October 16, 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 2674 pounds.
The price of a gram of 21 carat gold is about 2,340 pounds.
The price of a gram of 18 carat gold is about 2,008 pounds.
The price of a gram of 14 karat gold is about 1,560 pounds.
The price of the gold pound is about 18,720 pounds.
The price of gold rose to its highest level in three weeks, around the $1,932-1,933 area last Friday in the wake of the escalating conflict between Israel and Hamas, which forced investors to turn to traditional safe-haven assets. Aside from this, expectations that the Federal Reserve Bank The US is approaching the end of its interest rate hike cycle, which has provided an additional boost to the non-yielding yellow metal.
However, the bulls have struggled to capitalize on momentum beyond the technically significant 200-day Simple Moving Average (SMA) and this, coupled with rising US Treasury yields, is leading to some profit-taking around the gold price on the first day of the week. New The XAU/USD pair continues its steady decline during the European session, although it managed to hold above the $1,900 mark amid the weak price movement of the US Dollar (USD). A weak US dollar tends to benefit US dollar-denominated commodities, including the XAU/USD pair.
Analysts confirmed that traders also appear hesitant and prefer to wait for new signals about the path of future interest rate hikes by the Federal Reserve and important economic releases from China – the second largest economy in the world – before placing new directional bets on the price of gold. Meanwhile, traders will benefit today, Monday. From the release of the Empire State Manufacturing Index from the US, this, along with the Federal Reserve’s comments and US bond yields, will weigh on the US dollar. Apart from this, the broader risk sentiment should provide some momentum to the safe-haven metal.
US bond yields remain high amid speculation that the Federal Reserve may still be far from ending its policy tightening cycle and betting on raising interest rates again by the end of the year.
From a technical perspective, any subsequent decline is likely to find good support near the $1,900 level. The mentioned handle coincides with the 100-day SMA and should now act as a major pivot point and a convincing breakout below could leave the gold price vulnerable to testing the next support. Related near the horizontal area at $1868 before falling to the $1860-1855 area.
On the flip side, the bulls may now wait for some follow-on buying after Friday’s high, around the $1932-1933 area, before placing new bets. Gold price may then accelerate momentum towards the heavy supply zone between $1,945 and $1,947 and sustained strength beyond the latter will be seen as a fresh incentive for the bulls and pave the way for further upward movement.
2023-10-16 08:20:32
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