Gold prices in Lebanon rose during trading today, Friday, May 27, 2022, coinciding with the rise of the precious metal in global markets.
Gold price today in Lebanon
The average price of a gram of 24-carat gold today in Lebanon, in evening transactions, was about 90,591 thousand pounds ($59.72).
The average price of a gram of 21 karat gold (the most traded in the market) in Lebanon today increased, recording about 79,269 thousand pounds ($52.25).
The average price of a gram of 18 karat gold today in Lebanon rose to about 67.944 thousand pounds ($44.79).
Regarding the prices of economic gold during today’s trading in Lebanon, the average price of a gram of 14 karat gold recorded about 52,845 thousand pounds (34.84), according to the “gold-price-today” website.
The price of an ounce and a pound of gold today in Lebanon
And the average price of an ounce of gold today in Lebanon, during evening trading, rose to about 2.817 million pounds (1857 dollars).
While the average price of the gold pound today in Lebanon was about 634,150 thousand pounds (418.03 dollars).
Gold prices today globally
Globally, gold prices rose today, Friday, with the continued weakness of the dollar, which helped move the yellow metal towards recording the second weekly rise in a row, as expectations of a stronger monetary policy tightening from the Federal Reserve receded.
And gold rose in spot transactions 0.4% to $ 1857.79 an ounce by 0802 GMT.
US gold futures also rose 0.4% to $1,855.50. And gold rose since the beginning of the week by 0.7%.
“Gold was supported this week by some moderation in market expectations from the Federal Reserve’s monetary policy for the next year, and most importantly by the weakness of the US dollar,” said Ilya Spivak, currency analyst at Daily Forex.
The minutes of the Federal Reserve’s May 3 and 4 monetary policy meeting, which were released on Wednesday, highlighted that most participants favored a 50 basis point rate hike at the June and July meetings, as the market had expected.
Higher interest rates and US bond yields increase the opportunity cost of holding non-yielding gold.
The dollar index fell, heading for the second consecutive weekly decline, which makes gold less expensive for buyers of other currencies.
As for other precious metals, silver fell in spot transactions 0.2% to $21.95 an ounce. It rose about 1.5% this week.
Platinum settled almost at 950.28 dollars. And palladium increased 0.1% to $ 2015.96, and is moving towards achieving a weekly gain of about 3%, the highest since early April.