Gold prices stabilized today in Lebanon, during the morning trading of Sunday, August 21, 2022, coinciding with the closure of global markets for the precious metal.
And the global gold markets are on holiday on Saturday and Sunday.
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 was about 85.157 thousand pounds ($56.23), compared to the same price at the end of trading yesterday.
The price of a gram of 21 karat gold today in Lebanon (the most traded one in the market) settled at about 74,514 thousand pounds (49.20 dollars), meaning that it did not witness a change from the close of trading yesterday.
The price of a gram of 18 karat gold today in Lebanon reached 63,869,000 pounds ($42.17), which is the same price it recorded 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-carat gold scored about 49,675 thousand pounds (32.80 dollars), compared to 49,730 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 2.648 million pounds ($1749), while the price of the gold pound today in Lebanon reached about 596.115 thousand pounds ($393.59).
Global gold prices
The precious metal recorded its first weekly decline in a month during last week’s trading.
Gold prices fell to their lowest level in three weeks during trading last Friday (the end of trading week).
This decline comes in light of the rise in the dollar and the rise in US Treasury yields.
During Friday’s trading, spot gold fell 0.66% to $1,747.06 an ounce, declining for the fifth consecutive session, in what may be the longest consecutive losing streak since November 2021.
US gold futures also fell 0.47% to $1,762.9.
Gold prices were pressured by the dollar’s return to gains and a steady rise in the US 10-year Treasury bond yields, which led to the non-yielding yellow metal falling by 2.7% this week.
And Craig Erlam, senior market analyst at Oanda, said that the precious metal “has shown some resistance during the past week at times and may rebound quickly if the dollar increase subsides.”
A number of Federal Reserve officials said on Thursday that the central bank needs to continue raising interest rates to control high inflation.
Gold is strongly affected by the rise in US interest rates, which leads to an increase in the opportunity cost of owning the yellow metal, which does not yield a return.
Among other precious metals, silver lost about 7.6% during the past week, in what may be the largest loss since September 2020.