Gold prices in Lebanon rose in evening trading today, Saturday, June 11, 2022, with the start of the weekend in global markets.
Gold price today in Lebanon
The average price of a gram of 24-carat gold today in Lebanon rose during evening trading, to regarding 91.722 thousand pounds ($ 60.23), compared to 91,386 thousand pounds at the close of yesterday.
And the average price of a gram of 21 karat gold (the most traded in the market) in Lebanon today increased to regarding 80,258 thousand pounds ($ 52.70), compared to 79.965 thousand pounds at the closing of Friday.
The average price of a gram of 18 karat gold today in Lebanon rose to regarding 68.792 thousand pounds ($ 45.17), compared to 68,540 thousand pounds at the closing of Friday.
Regarding the prices of economic gold during today’s trading in Lebanon, the average price of a gram of 14 karat gold recorded regarding 53,505 thousand pounds ($ 35.14), compared to 53,309 thousand pounds at the close of yesterday, according to the “gold-price-today” website.
The price of an ounce and a pound of gold today in Lebanon
And the average price of an ounce of gold today in Lebanon, during evening trading, rose to regarding 2.852 million pounds (1873 dollars).
While the average price of the gold pound today in Lebanon was regarding 642,067 thousand pounds (421.63 dollars).
Gold prices today globally
Gold prices rebounded on Friday, with focus shifting to economic risks following the precious metal initially fell following data showing rising US inflation and boosting bets for strong interest rate hikes.
The price of gold in spot transactions rose 1.4 percent to $ 1873.58 an ounce, and gold futures contracts in the United States rose 1.2 percent to $ 1875.50 an ounce.
US consumer prices accelerated in May, indicating that the Federal Reserve may continue to raise interest rates by 50 basis points until September, pushing gold to its lowest level since May 19 at $1,824.63.
But the safe-haven precious metal quickly made up for those losses as investors assessed the economic fallout, giving gold another boost following a University of Michigan survey showed that US consumer confidence fell to a record low in early June amid rising gasoline prices.
Higher interest rates usually reduce the attractiveness of gold because they translate into an increase in the opportunity cost of holding the non-yielding metal.
The rebound in gold also came despite the dollar’s strength, and the rise in US Treasury yields.
