Gold prices rose marginally in Lebanon today, Sunday, April 24, 2022, amid the continued closure of transactions in global markets.
The precious metal globally recorded a weekly loss of 2% during last week’s trading.
Gold price today in Lebanon
The price of a gram of 24-carat gold today in Lebanon, during morning trading, rose to regarding 94,260 thousand pounds (62.16 dollars).
And according to the “Gold Prices Today” website, the price of a gram of 21 karat gold (the most traded in the market) in Lebanon today rose to regarding 82,479 thousand pounds ($54.39).
The price of a gram of 18 karat gold today in Lebanon rose to regarding 70,696,000 pounds ($46.62).
As for economic gold prices today in Lebanon, the price of a gram of 14 karat gold recorded regarding 54,985 thousand pounds ($ 36.26).
The price of an ounce and a pound of gold today in Lebanon
The price of an ounce of gold today in Lebanon, during morning trading, rebounded to regarding 2.931 million pounds ($1933).
While the average price of the gold pound today in Lebanon (8 grams of 21 karat), is regarding 659,836 thousand pounds (435.16 dollars).
Gold prices today globally
Globally, gold prices fell at the close of the first session on Friday, with continued pressures to increase the yield on US Treasury bonds, and expectations of significant increases on US interest rates.
At the close of the first session on Friday, spot gold contracts closed down by 1%, or $19.48, to settle at $1,931.77 per ounce.
On the other hand, the US dollar index, which measures the performance of the US currency once morest regarding 6 currencies, rose significantly during Friday’s trading, settling at the highest levels of 100.00 points.
Gold prices fell in trading due to the strength of the US dollar and the increasing optimism of investors that the US monetary policy would tighten at a rapid pace, especially following the statements of US Federal Reserve Governor Jerome Powell, on Thursday, in which he stressed the need to accelerate the interest rate hike further.
Powell added that markets have priced the rate hike appropriately given that with inflation rising, it makes sense for the Fed to move faster on tightening than last time.
He said, “A 50 basis point interest rate hike is on the table, while emphasizing that the US Federal Reserve is committed to achieving the 2.0% inflation target.”
He added, “Many in the US Federal Reserve believed that a 50 basis point rate hike would be appropriate to move forward, and these statements provided strong support for the dollar and clearly weakened gold.”
Gold is very sensitive to raising US interest rates in the short term and increasing the yield on Treasury bonds because this increases the opportunity cost of holders of the precious metal that does not pay interest.
