We publish gold prices today, Friday, March 29, 2024 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 3,520 pounds.
The price of a gram of 22 carat gold is about 3,226 pounds.
The price of a gram of 21 carat gold is about 3,080 pounds.
The price of a gram of 18 karat gold is about 2,640 pounds.
The price of a gram of 14 karat gold is about 2053 pounds.
The price of a gram of 12 karat gold is about 1,760 pounds.
The price of a gram of 9 karat gold is about 1,320 pounds.
The price of the gold pound is 24,640 pounds.
The price of gold reached record highs around $2,230 today, Friday, and the yellow metal’s rise is being supported by safe haven flows amid growing economic concerns and the possibility of interest rate cuts from the US Federal Reserve. However, expectations for interest rate cuts by the Federal Reserve are easing. It may lift the US dollar and limit the upside of US dollar-denominated gold.
Gold is gaining momentum as investors expect three interest rate cuts from the US Federal Reserve this year and the Fed kept its key overnight borrowing rate in a range of 5.25%-5.50% for the fifth time in a row last week.
Moreover, the central bank still expects cuts of three-quarters of a percentage point by the end of the year and according to the CME FedWatch tool, traders currently estimate odds of around 63% that the Fed will cut interest rates in June.
It is worth noting that lower interest rates generally weaken the US dollar, making gold cheaper for investors holding other currencies.
Moreover, ongoing geopolitical risks in the Middle East may boost traditional safe-haven assets such as gold.
The Palestinian Red Crescent said that Israeli occupation forces surrounded two more hospitals in Gaza on Sunday, trapping medical teams under heavy fire.
On the other hand, a combination of hawkish Fed comments and strong US economic data may weigh on the gold price and many Fed officials remain cautious about easing too early.
Last Wednesday, Fed Governor Christopher Waller said there was “no rush” to Fed Chairman Rafael Bostic’s statement that he now sees only one quarter-point rate cut this year, down from the two cuts he had previously expected.
Most markets are closed for Good Friday, but February US personal consumption expenditures (PCE) price index data will take center stage on Friday and the core inflation index, the Fed’s preferred measure of inflation, is expected to show a 0.3% increase in February. .