The price of gold today, Thursday, reached 2,635 US dollars at the opening of the global currency and metal markets, with a decline of 0.1% compared to yesterday’s closing price.
Gold prices today
Here we present the price of a gram of gold in local currencies and different karats:
The global circulation price is determined based on the price of an ounce of 24-karat gold, and in comparison, the price of a gram of other karat gold that is less pure than 21-karat and others is calculated.
An international “troy” ounce weight is equal to approximately 31.1035 grams of gold.
Based on the dollar exchange rate in global markets, the global price of gold in local currencies is determined.
The situation of each country affects the price of gold in local markets, such as the demand for buying and selling jewelry, and the price can be different from one city to another in the same country depending on the costs of delivery and consolidation gold bullion. and jewelry.
Gold price in Egypt
The General Department for Egyptian Gold and Gems estimates the average price of the 21-karat precious metal at 3,680 pounds, equivalent to a difference of 0.43% from the opening price in the world market.
Al Jazeera Net checked the following prices for buying and selling a gram of 21 carat gold:
- Selling price: 3670 pounds.
- Purchase price: 3650 pounds.
Gold price in Saudi Arabia
The price of gold in Saudi Arabia is closer to the international price because the price of the Saudi riyal is linked to the exchange rate of the US dollar.
Al Jazeera Net checked the following prices for buying and selling a gram of 22 carat gold in the Kingdom:
- Retail price: 291 Saudi riyals.
- Purchase price: 300 Saudi riyals.
22-carat gold is widespread in Saudi Arabia and the Arabian Gulf, and the price is markedBuy locally at the price of used gold.
Reasons for the decline of gold
Analysts believe that the reasons for the decline in the price of gold today are:
- The release of negative inflation data reduces the assumption of a US interest rate cut next December.
- The coming of the ceasefire between Israel and Lebanon reduces the attractiveness of the precious metal as an alternative to cash liquidity.
Live gold price
Gold trading continues in global markets around the clock throughout the day, and the latest gold price in instant transactions can be followed through the platform Reuters And Metalsdaily, it should be noted that the live price that appears on these platforms is the price 15-20 minutes ago.
As for other platforms such as Google Finance (Google Finance) publishes the price of gold in immediate transactions (the symbol is XAU), but provides the price of gold futures contracts (packages GCW00), and here is the difference between the prices appear.
There may be slight differences between platforms due to continuous trading during the day beyond midnight by taking into account the price of the last transaction of the previous day.
Gold price forecast
in The latest forecast Officially from the American investment bank Goldman Sachs, the bank expects the world price of gold to rise to $2,900 per ounce in the first months of 2025 and to $3,000 per ounce by the end of 2025, explaining this by:
- Interest of central banks in buying gold, especially the Central Bank of China.
- Reduce price Interest America and among the world’s strongest economies.
It is worth noting that experts raised their expectations during the year Expected They were between 2,300 and 2,357 US dollars per ounce.
What did artificial intelligence say?
One of the artificial intelligence programs approved by Al Jazeera Net predicted that the price of gold will reach tomorrow, Friday, between a minimum of $2,650 and a maximum of $2,670, which is equivalent to daily difference between -0.32% and +0.43%.
Anticipated events affect the price of gold
To predict the future price of gold, analysts monitor the following events that affect the global price:
- report Work data In the American labor market, on December 6.
- US market inflation data report, December 11.
- Federal Reserve interest rate decision on December 19.
- The possibility that Iran will respond to the recent Israeli attack.
Most traders prefer the chance of being approved American Federalist Cut interest rates by 25 basis points, and about 40% of them expected to keep interest rates unchanged.
Often the decision of the central bank does not have a significant impact on the price because current prices reflect expectations before the decision was given.
However, if expectations are broken, for example by the decision not to lower interest rates, this could have a negative impact on the price of gold due to the high yield on cash liquidity, at a time when that holding bullion does not generate direct. to return
The US Federal Reserve makes its decisions based on the latest data on inflation and employment rates and its vision of future trends.
Global trade market
The Forex currency exchange market is a global market in which banks and individuals trade and work around the clock in coordination between 4 global centers:
- New York, United States.
- London, United Kingdom.
- Sydney, Australia.
- Tokyo, Japan.
The market operates 5 days a week and closes every week for 48 hours as follows:
- It opens on Monday at 01:00am Mecca time (10pm Sunday GMT).
- It is closed on Saturdays from 01:00am Mecca time (10pm Friday GMT).
- It is closed all day on Sunday, Mecca time.
- Buy and sell orders are still entered during closing hours, but transactions are only executed during business hours.
Gold price movement
The daily closing price of gold in the last 7 days was between $2,632, which was recorded last Tuesday, and $2,741, recorded on Saturday, November 23.
A buyer of gold last Thursday would have lost about 3% of his capital if he had sold his gold at today’s opening price.
The average daily price of gold reached $2,693 in the last 7 days.
Achievement in 2024
On a monthly basis, the price of gold closed last October with an increase of 1% compared to September 2024, and the average monthly price of gold in the past 12 months was $2,306.
A buyer of gold at the end of October last year would have received 35% on the capital if it had been sold today.
Annual performance
On an annual basis, the price of gold rose last year to $2,062, an increase of 13% compared to 2022.
The average annual price of gold in the last ten years was $1,511.
A gold buyer at the end of 2014 would have gained 129% on capital if he sold today.
The main reasons that led to the increase in the price of gold in recent years:
- The high inflation rates that started with the Corona pandemic in 2021 and the accompanying monetary policies.
- Russia-Ukraine war in 2022 and Western countries freezing the assets of the Central Bank of Russia.
- In 2022, China’s Central Bank and others will buy higher gold shares.
- The banking crisis in 2023 and the decline in confidence in it.
- The war against Gaza and the expansion of the conflict in the Middle East from 2023.
- The interest rate will decline in 2024 in case it affects the labor market and economic activity.
Back to:
- Gold prices today
- Gold price in Egypt
- Gold price in Saudi Arabia
- Reasons for the decline in the price of gold
- Live gold price
- Gold price forecast
- Predicting artificial intelligence
- Events that affect the price
- Currency exchange market times
- Daily gold price movement
- Gold prices in 2024
- Annual performance since 2014
- Reasons for the high price of gold
2024-11-28 06:18:00
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