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Gold prices remained stable in the local market today, November 29th, with 21-karat gold holding steady at 5,625 Egyptian pounds, unchanged from the previous day’s trading. This stability reflects a period of calm in the gold market, as traders await direction from global ounce prices and exchange rates, keeping transactions at consistent levels since the start of the day.
Gold Prices Today
– 24-karat: 6,429 Egyptian pounds.
– 21-karat: 5,625 Egyptian pounds.
– 18-karat: 4,826 Egyptian pounds.
– Gold Pound: 45,000 Egyptian pounds.
The price of a gold ounce rose globally during the past week by 3.7%, reaching a two-week high of $4,226 per ounce. It closed the week at $4,215 per ounce, after opening at $4,067 per ounce, according to Gold Billion.
Gold was able to end the week’s trading above the $4,200 per ounce level, ending a period of sideways trading below that level. Throughout November, gold rose by 5.3%, marking its fourth consecutive month of gains.
Trading of futures contracts resumed after an hours-long disruption at the CME Group (CME.O) exchange, leading to a halt in trading on its currency platform, and in futures contracts including foreign currencies, commodities, gold, treasury bonds, and stocks.
The gold market’s focus during the week was on expectations for interest rate decisions by the Federal Reserve, which influenced gold’s movement due to gold’s tendency to perform positively when interest rates fall, as it reduces the opportunity cost since gold does not offer a yield to its holders.
A continued slowdown in the economy is expected until 2026, increasing expectations that the Federal Reserve will lower interest rates, bringing some investors back to gold. Traders now see an 87% probability of interest rate cuts in December, up from 50% last week.
Gold prices in the Egyptian market held steady on November 29th, as 21-karat gold remained at 5,625 Egyptian pounds. The stability comes amid a broader period of observation for market participants, who are closely monitoring global gold ounce prices and currency exchange rates.
Current pricing for various gold karats in the local market includes 24-karat gold at 6,429 Egyptian pounds, 18-karat gold at 4,826 Egyptian pounds, and a gold pound weighing 8 grams trading at 45,000 Egyptian pounds.
Globally, the price of a gold ounce experienced a significant increase last week, rising by 3.7% to reach a two-week high of $4,226. The precious metal concluded the week at $4,215 per ounce, a jump from the $4,067 per ounce seen at the start of the week, according to Gold Billion. This upward momentum continued throughout November, with gold posting a 5.3% gain – its fourth consecutive month of increases.
Trading was temporarily disrupted at the CME Group (CME.O) exchange, halting transactions on its currency platform and impacting futures contracts for currencies, commodities, gold, treasury bonds, and equities. The resumption of trading highlights the interconnectedness of global financial markets.
Market attention remains focused on potential interest rate adjustments by the Federal Reserve. Gold traditionally benefits from lower interest rates, as the opportunity cost of holding a non-yielding asset decreases. Expectations for rate cuts are growing, with traders now assigning an 87% probability to a December reduction, up from 50% the previous week, as forecasts point to continued economic slowdown through 2026.
