Gold prices rose today in Lebanon on Thursday, February 10, 2022, coinciding with the rise of the spot price of gold in the world markets.
Gold price today in Lebanon
The record price of a gram of 24-carat gold in Lebanon today, regarding 89.406 thousand lira (دولار 59.02).
The price of a gram of 18-carat gold in Lebanon today was 67.056 thousand lira (دولار 44.27).
On the price of economic gold in Lebanon today, the price of a gram of 14-carat gold recorded regarding 52.154 thousand lira (دولار 34.43).
21K gold price today in Lebanon
The price of a gram of 21-carat gold in Lebanon today (the most traded in the markets), regarding 78.232 thousand lira (دولار 51.64).
The price of an ounce of gold today in Lebanon was regarding 2.780 million lira (دولارا 1836), and the price of the pound gold in Lebanon today (8 grams of 21 carat) recorded regarding 625.857 thousand lira (4 413.15).
Gold price today globally
Globally, gold prices were stuck in a tight range on Thursday as investors awaited U.S. inflation data that might provide new clues regarding the pace of monetary tightening by the Federal Reserve.
Spot gold rose 0.1 percent to.1,833. 99 an ounce by 0424 GMT, approaching Wednesday’s high of. 1,835. 60. U.S. gold futures fell 0.1 percent to.1,835. 40.
The U.S. Consumer Price Index for January, due out later in the day, is expected to rise 0.5%, peaking at an annual increase of 7.3%, the largest such increase since 1982, according to a Archyde.com poll.
A strong inflation reading would polish the appeal of gold as a hedge once morest inflation, but raising interest rates to contain price pressure would raise the cost of this alternative while keeping non-yielding bullion.
Stephen Innes, managing partner at RIA, said:”I think the dollar will weaken despite higher yields because every other Central Bank is raising interest rates … To defend once morest inflation”.
“If the Fed starts raising rates too quickly, that’s not good for the economy, especially with every other central bank doing the same thing in unison. In this sense, gold can actually be a good hedge in the long run.”
Benchmark 10-year U.S. Treasury yields fell from their November 2019 highs reached earlier in the week, while the dollar stabilized following falling in the previous session.
Loretta Meister, president of the Cleveland Fed, said the Fed would have to move faster than it has in the past to remove adjustment and tame inflation that is well above target. Read more
Expected aggressive Fed rate hikes will remove some of the gold luster from the second quarter.
Silver fell 0.2 percent to.23.25 an ounce, platinum fell 0.1 percent to. 1,032. 95, and palladium rose 0.2 percent to. 2,282. 48.