Gold prices fell today in Lebanon, during morning trading today, Monday, August 22, 2022, coinciding with the decline of the precious metal globally.
Lebanon occupies the second place in the Arab world after Saudi Arabia in gold reserves, with reserves of 286.8 tons, according to the report of the World Gold Council issued last June.
Gold price today in Lebanon
And the price of a gram of 24-carat gold today in Lebanon scored about 84,658 thousand pounds ($55.80), compared to 85,175 thousand pounds at the end of trading yesterday.
The price of a gram of 21 karat gold today in Lebanon (the most traded in the market), fell at about 74,077 thousand pounds ($48.83), compared to 74,514 thousand pounds at the close of trading yesterday.
The price of a gram of 18 karat gold today in Lebanon reached 63,494 thousand pounds ($41.85), compared to 63,869 thousand pounds at the closing of trading yesterday, according to the “gold-price-today” platform specialized in gold prices.
As for economic gold prices today in Lebanon, the price of a gram of 14 karat gold scored about 49,384 thousand pounds ($ 32.55), compared to 49,675 thousand pounds at the close of trading yesterday.
The price of an ounce and a pound of gold today in Lebanon
The price of an ounce of gold today in Lebanon was about 2.632 million pounds (1,736 dollars), while the price of the gold pound today in Lebanon reached about 592,620 thousand pounds (390.64 dollars).
Global gold prices
Gold prices fell more than $14 on Monday, hitting their lowest level in more than 3 weeks, affected by the strength of the dollar.
This comes amid expectations that interest rates will be raised by the US Federal Reserve to curb the rise in inflation.
By 08:21 am GMT, the price of gold futures – for December delivery – decreased by 0.82%, equivalent to $ 14.40, to record the level of $ 1748.50 an ounce.
And gold prices ended their trading, last Friday, with a decline for the fifth consecutive session, recording its lowest level in 3 weeks, with the rise of the US dollar.
During the past week, the yellow metal prices recorded losses of about 2.9%, to record the first weekly decline in 5 weeks.
The price of spot delivery of the yellow metal decreased by 0.70%, to record 1734.82 dollars an ounce.
At the same time, the price of silver futures contracts – for September delivery – fell 1.20%, at $18.95 an ounce.
The spot platinum price also decreased by 1.18%, to record $888.58 an ounce, and the spot palladium price declined by 1.61%, at $2095.40 an ounce.
The dollar rose 0.1% to a one-month high against its rivals, making gold more expensive for buyers holding other currencies.
The benchmark 10-year US Treasury yields also surged to a one-month high, increasing the opportunity cost of holding non-yielding gold.