The price of gold in Lebanon declined today, Saturday, February 5, 2022, despite the increase in the prices of the yellow metal globally at the last closing.
Gold price in Lebanon today
The price of a gram of 24-carat gold in Lebanon today is about 88,177 thousand pounds ($58.18).
While the price of a gram of 18 karat gold in Lebanon today is 66,134 thousand pounds ($43.64).
Regarding economic gold prices in Lebanon today, the price of a gram of 14 karat gold recorded about 51,437 thousand pounds ($ 33.94).
The price of 21 karat gold in Lebanon today
And the price of a gram of 21 karat gold in Lebanon today (the most traded in the market) reached about 77,156 thousand pounds ($ 50.91).
The price of an ounce of gold today in Lebanon reached about 2,742 million pounds (1809 dollars), and the price of the gold pound in Lebanon today (8 grams of 21 karat) recorded about 617,251 thousand pounds ($ 407.27).
Gold prices today globally
Gold prices rose at the end of the week’s trading by 0.20%, to reach the price of an ounce (an ounce) about 1807.8 dollars.
If the US jobs report encourages the general tendency within the Fed to tighten monetary policy, it should lead to a significant decline in gold prices, said Ilya Spivak, an expert in currency trading at Daily Forex.
Gold rose about 0.9% this week as the dollar’s decline increased the demand for the precious metal.
Among other precious metals, spot silver prices rose 0.3% to $22.47 an ounce, platinum fell 0.4% to $1029.49 and palladium increased 0.9% to $2344.98.
The effect of US interest
US Federal Reserve officials have hinted that they will start raising interest rates next month to counter rising inflation.
Markets are also expecting the Bank of England to raise interest rates again later today, while the European Central Bank is preparing to keep policy unchanged while recognizing high inflation.
Gold is considered a hedge against inflation, but high interest rates reduce the attractiveness of the precious metal, which does not generate returns.
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