The average price of gold rose today in Lebanon, Tuesday, January 18, 2022, despite the drop in the prices of the yellow metal globally.
The average increase in gold prices in Lebanon came, despite the decline in the prices of the precious metal globally, with the average exchange rate of the dollar against the Lebanese pound in Tuesday’s trading, in the unofficial “black” parallel market, between 24800 and 24900 pounds per dollar.
Gold price today in Lebanon
The average price of a gram of 24 karat gold in Lebanon increased during today’s trading to 88,799 thousand pounds ($ 58.52).
The price of 21 karat gold today in Lebanon
The average price of a gram of 21 karat gold in Lebanon today (the most traded in the market) rose to about 77.701 thousand pounds ($51.20).
The average price of a gram of 18 carat gold in Lebanon rose to about 66,600 thousand pounds ($43.89).
Regarding economic gold prices in Lebanon today, the average price of a gram of 14 karat gold was about 51,800 thousand pounds ($ 34.14).
While the average price of a gram of 12-carat gold in Lebanon was about 44,399 thousand pounds (29.26 dollars).
The price of an ounce and a pound of gold in Lebanon
The average price of an ounce in Lebanon rose to about 2.761 million pounds (1820 dollars).
The average price of the gold pound in Lebanon also increased, to about 621,607 thousand pounds ($409.63).
Gold prices today globally
Gold prices fell, in trading on Tuesday, affected by the rise in US Treasury yields.
Investors are looking for clues about the timetable for the Federal Reserve’s rate hike from its Policy Committee meeting next week.
And gold fell in spot transactions, by 0.1% to $ 1817.11 an ounce by 04:14 GMT.
US gold futures were little changed at $1816.20.
Global investors are still awaiting the Federal Reserve’s January 25-26 meeting, after central bank officials indicated they would begin raising interest rates in March to tame inflation, which rose 7% last month from a year earlier, faster Pace in nearly 40 years.
Gold is considered an inflationary hedge, but the metal is highly sensitive to higher US interest rates, which increases the opportunity cost of holding non-interest bullion.
Yields on the benchmark 10-year US Treasury rose to a two-year high, reducing the allure of the non-yielding metal.
Gold futures fell during the Asian session, in trading on Tuesday, according to the “Comex” classification of the New York Mercantile Exchange, and gold futures contracts were traded in February, at 1816.35 an ounce (an ounce), a decrease of 0.01%.
Stephen Innes, managing partner at SPI Asset Management, believes that the near-term fate of gold lies in the hands of the Federal Reserve (Fed), and how quickly it raises interest rates over the next half year.
He added, that the metal is likely to remain constrained by the current price range, and may turn lower.
“Every day we’re trying to see how much the Fed’s hawkish interest is in terms of other geopolitical risks engulfing the market, such as the situation in Ukraine, which are still keeping the gold prices on display at the moment,” Ennis explained.
The Bank of Japan raised its inflation forecast for the fiscal year beginning in April, and said risks to the price outlook are equally balanced.
Other precious metals prices
Spot silver prices fell 0.6% at $22.86 an ounce.
Platinum also fell, by 0.5% to $966.71, while palladium rose by 0.2% to $1879.97.
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