Gold prices in Lebanon rose today, Friday, July 23, 2021, despite the global decline in the prices of the precious metal due to the rise of the dollar and risk appetite.
The price of a gram of 24-carat gold in Lebanon rose during Friday’s trading, to the level of 87541 pounds ($57.83), compared to 87,511 pounds ($57.95) at the close of trading on Thursday.
The price of gold in Lebanon is high if it is calculated in US dollars, but it shows a decline in the local currency, due to the large fluctuation in the exchange rate of the dollar on the black market.
The price of a gram of 21 karat gold in Lebanon (the most traded in the market), Friday, rose to 76,600 pounds ($50.60), compared to 76,574 pounds ($50.71) at the close of trading on Thursday.
And the price of a gram of 18 karat gold in Lebanon increased, on Friday, to reach the level of 65,657 pounds ($43.38), compared to 65,634 pounds ($43.46) at the close of trading on Thursday.
As for economic gold prices in Lebanon, the price of a gram of 14 karat gold recorded about 51066 pounds ($ 33.74), the price of a gram of 12 karat gold recorded about 43770 pounds (28.92 dollars), and the price of a gram of 10 karat gold recorded 36635 pounds ($ 24.20).
Gold price per ounce and pound
The price of an ounce in Lebanon, during Friday’s trading, recorded about 2,722 and 523 pounds ($1,799), while the price of the gold pound in Lebanon today was about 61,2801 pounds ($404.84).
global gold prices
Gold prices stabilized on Friday, but are heading for their first weekly decline in five weeks, as the dollar’s rise made the metal more expensive for holders of other currencies and faced support coming from lower US bond yields.
And the price of gold settled in spot transactions at $1807.45 an ounce by 0634 GMT. And gold is down 0.2% since the beginning of the week. US gold futures settled at $1,806.20.
The dollar index hovered near its highest level in three and a half months against other major currencies, and is heading for the second weekly rise in a row.
“We expect gold to remain stuck in a range in the coming weeks. However, inflation will remain a major driver of gold prices in the coming months, supporting prices in the near term,” Fitch Solutions said in a note.
Giving some support to gold, yields on US Treasuries fell.
Silver fell 0.2% to $ 25.40 an ounce, and is heading for its third weekly decline.
Palladium rose 0.4% to $ 2727.94, and platinum settled at $ 1092.71.