Gold prices rose today in Lebanon during evening trading, Saturday, June 25, 2022, coinciding with the start of the weekend in global markets.
Gold price today in Lebanon
The price of a gram of 24-carat gold increased today in Lebanon during Saturday evening trading, reaching 89.488 thousand pounds (58.76 dollars), compared to 89.385 thousand pounds at the close of yesterday.
The price of a gram of 18 karat gold today in Lebanon rose to the level of 67,111 thousand pounds ($ 44.07), compared to 67,280 thousand pounds at the end of trading yesterday, according to the “gold-price-today” platform for monitoring gold prices.
Regarding economic gold prices today in Lebanon, the price of a gram of 14 karat gold recorded about 52.201 thousand pounds ($ 34.28), and the price of a gram of 12 karat gold recorded about 44,744 thousand pounds ($ 29.38).
The price of 21 karat gold today in Lebanon
The price of a gram of 21 karat gold today in Lebanon (the most traded in the market) rose to the level of 78.304 thousand pounds ($51.42), compared to 78,214 thousand pounds at the close of yesterday.
The price of an ounce today in Lebanon reached about 2.783 million pounds (1827 dollars), and the price of the gold pound today in Lebanon (8 grams of 21 karat) was about 626,429 thousand pounds (411.32 dollars).
Gold prices today globally
Gold prices increased on Friday (the closing of the week’s trading) with the decline of the dollar and the escalation of economic concerns, but the ongoing struggle for the yellow metal with expectations that the Federal Reserve will raise interest rates strongly kept it on the path of recording the second weekly decline.
Spot gold rose 0.2% to $1,825.50 an ounce, and US gold futures fell 0.1% to $1,827.10.
Gold’s gains were likely driven by a weaker dollar, said Rona O’Connell, an analyst at Stonex.
But she noted that some FOMC members are now more lenient on monetary policy as the specter of recession is gaining traction.
The dollar index fell 0.2%, making gold less expensive for buyers abroad.
Federal Reserve Chairman Jerome Powell said on the second day of his testimony before Congress on Thursday that the bank’s commitment to curb inflation, which has risen to a 40-year high, is “unconditional”, even as he acknowledged that sharply high interest rates could lead to an increase in interest rates. unemployment rates.
Raising interest rates increases the opportunity cost of holding non-yielding gold. The Fed’s tightening of monetary policy, along with the general strength of the dollar, led gold prices to record a weekly decline of 0.7%.