The price of gold today, Thursday, reached 2,635 US dollars at the opening of the global currency and metal exchange markets, with a decline of 0.1% compared to yesterday’s closing price.
Gold prices today
Here we display the price of a gram of gold in local currencies and different karats:
The global circulating price is determined based on the price of an ounce of 24-karat gold, and in comparison to it, the price of a gram of other karats of gold less pure than 21-karat and others is calculated.
The weight of an international “troy” ounce is equivalent 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 price of gold in local markets is affected by the circumstances of each country, such as the demand for buying and selling jewelry, and the price may vary from one city to another in the same country depending on the costs of delivering and securing gold bullion and jewelry.
Gold price in Egypt
The General Division for Egyptian Gold and Jewelry estimates the average price of the 21-carat precious metal at 3,680 pounds, equivalent to a difference of 0.43% from the opening price in the global market.
Al Jazeera Net monitored 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 due to the price of the Saudi riyal being linked to the US dollar exchange rate.
Al Jazeera Net monitored the following prices for buying and selling a gram of 22 carat gold in the Kingdom:
- Selling 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 indicatedBuy locally at the price of used gold.
Reasons for gold’s decline
Analysts believe that the reasons for the decline in the price of gold today are:
- The release of negative data on inflation reduces the hypothesis of a US interest rate cut next December.
- The entry into force 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 in global markets continues around the clock throughout the day, and the latest price of gold in spot transactions can be followed through the Reuters and Metalsdaily platforms, with the need to note that the live price that appears on these platforms is the price 15-20 minutes ago.
Other platforms, such as Google Finance, do not publish the price of gold in instant transactions (the symbol of which is XAU), but rather provide the price of gold futures contracts (packages GCW00), and here the difference between the prices appears.
Continuing trading throughout the day beyond midnight may lead to slight differences between platforms in taking into account the price of the last transaction of the previous day.
Gold price forecast
In the latest official forecasts of the American investment bank Goldman Sachs, the bank expected the global 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:
- Central banks’ interest in buying gold, especially the Chinese Central Bank.
- Reducing US interest rates and in the strongest global economies.
It is worth noting that experts raised their expectations during the year, as they expected a price 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 expected that the price of gold tomorrow, Friday, will reach between $2,650 at the minimum and $2,670 at the maximum, which is equivalent to a daily difference between -0.32% and +0.43%.
Anticipated events affect the price of gold
To predict the price of gold in the near future, analysts monitor the following events that will affect the global price:
- US labor market jobs data report, December 6.
- US market inflation data report, December 11.
- Federal Reserve interest rate decision on December 19.
- The possibility of Iran carrying out its response to the recent Israeli attack.
Most traders expect the US Federal Reserve to lower interest rates by 25 basis points, while about 40% of them expect the possibility of keeping interest rates unchanged.
The coincidence of the central bank’s decision often does not significantly affect the price because current prices reflect expectations before the decision was issued.
However, if expectations are violated, for example by deciding not to reduce the interest rate, this may have a negative impact on the price of gold due to the high return on cash liquidity, at a time when keeping bullion does not generate any direct return.
The US Federal Reserve makes its decisions according to the latest data on inflation and employment rates and their vision of the future trend.
Global trading market
The Forex currency exchange market is a global market in which banks and individuals trade and operates around the clock in coordination between 4 global centers:
- New York, United States of America.
- London, United Kingdom.
- Sydney, Australia.
- Tokyo, Japan.
The market operates 5 days a week and closes weekly for 48 hours as follows:
- It opens on Monday at 01:00 AM Mecca time (10 PM on Sunday GMT).
- It is closed on Saturday from 01:00 am Mecca time (10 pm Friday GMT).
- It is closed all day Sunday, Mecca time.
- Buy and sell orders continue to be registered during closing hours, but transactions are only executed during business hours.
Gold price trend
The daily closing price of gold during the past 7 days ranged between $2,632, recorded last Tuesday, and $2,741, recorded on Saturday, November 23.
The 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 during the past 7 days.
Performance in 2024
On a monthly level, the price of gold closed last October with an increase of 1% compared to September 2024, while the average monthly price of gold in the last 12 months was $2,306.
The buyer of gold at the end of last October would have gained 35% on the capital if he had sold today.
Annual performance
On an annual level, the price of gold rose last year to reach $2,062, an increase of 13% compared to 2022.
The average annual price of gold in the last ten years was $1,511.
The buyer of gold 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 began with the Corona pandemic in 2021 and the monetary policies that accompanied it.
- The Russian-Ukrainian war in 2022 and Western countries freezing the assets of the Russian Central Bank.
- In 2022, the Chinese Central Bank and others will buy higher shares of gold.
- The banking crisis in 2023 and the decline in confidence in it.
- The war on Gaza and the expansion of the conflict in the Middle East since 2023.
- The interest rate will decline in 2024 for fear of its impact on the labor market and economic activity.
Back to:
- Gold price today.
- Gold price in Egypt.
- Gold price in Saudi Arabia.
- Live gold price.
- Gold price forecast.
- Artificial intelligence prediction.
- Local gold markets.
- Investment return.
- Expected dates affect the price of gold.
- Gold price trend.
- Annual performance.
- Reasons for the high price of gold.
