We publish gold prices today, Friday, April 26, 2024 in Egypt, according to the latest developments in the yellow metal markets at the local and global levels.
The latest update for gold prices today was as follows:
The price of a gram of 24 karat gold is about 3,542 pounds.
The price of a gram of 22 carat gold is about 3,247 pounds.
The price of a gram of 21 carat gold is about 3,100 pounds.
The price of a gram of 18 carat gold is about 2657 pounds.
The price of a gram of 14 karat gold is about 2066 pounds.
The price of a gram of 12 karat gold is about 1771 pounds.
The price of a gram of 9 karat gold is about 1,328 pounds.
The price of the gold pound is 24,800 pounds.
The price of gold is attracting some buyers for the second day in a row on Friday and is trading just below a swing high. The US GDP report released yesterday, Thursday, pointed to a significant loss in growth momentum at the beginning of 2024 and an unwelcome rebound in inflation, which in turn is seen as… It provides some support to the precious metal. However, the rally lacks bullish conviction amid the emergence of fresh US dollar buying, supported by a hawkish Federal Reserve outlook.
Investors appear convinced that the US central bank will postpone interest rate cuts amid persistent inflation, keeping US Treasury yields high and helping to revive demand for the US dollar. Aside from this, the generally positive tone around equity markets is contributing to limiting price gains. Gold as a safe haven Traders are now looking to the US Personal Consumption Expenditures (PCE) price index to get signals on the path of the Fed’s interest rate cut and determine the next stage of the non-yielding metal’s directional movement.
The US GDP report released yesterday, Thursday, showed a sharp slowdown in economic growth and stubborn inflation, which in turn is seen as a major factor providing support to the price of gold. According to data published by the US Department of Commerce, the world’s largest economy grew by 1.6% at an annual rate in the quarter. The first, recording the weakest reading since mid-2022.
Additional details of the report revealed that core inflation rose more than expected, by 3.7%, in the first quarter, underscoring bets that the Fed will keep interest rates higher for longer. The yield on 10-year US government bonds rose to the highest level in more than Five months reaction to mixed data and acts as a headwind for the non-yielding yellow metal and this, coupled with easing concerns about further escalation of geopolitical tensions in the Middle East, undermines the precious metal which is considered a safe haven and should contribute to limiting the upside.
Meanwhile, US dollar bulls prefer to wait for further signals on the path of interest rate cuts by the Fed, with the focus squarely on the release of the Personal Consumption Expenditures (PCE) price index and crucial inflation data will play a major role in influencing policy decisions. The Fed’s future outlook will push demand for the US dollar, which should help determine the near-term path for the commodity.
Gold price is looking to build on the positive move beyond the SMA and from a technical perspective, gold has so far been having difficulty crossing the 100 period SMA and the mentioned barrier is currently located near the $2345 area and should now act as a major pivot point amid mixed oscillators. Meanwhile, continued strength would then be seen as a new catalyst for bullish traders and lift the gold price to the next relevant hurdle near the $2371-2372 region and the subsequent upward move could extend towards the round figure of $2400 on its way to an all-time peak, Around the $2431-2432 area touched earlier this month.
On the flip side, bearish traders will likely wait for some subsequent selling and acceptance below the $2,300 level before placing new bets and the gold price may then extend the corrective decline further towards the intermediate support level of $2,260-$2,255 before eventually falling to the $2,260-$2,255 area. $2225 and $2200-2190 area.
