Gold prices fell in Lebanon today, Saturday, February 12, 2022, despite the yellow metal recording weekly gains in global markets.
Gold price today in Lebanon
And the price of a gram of 24-carat gold in Lebanon fell, during today’s morning trading, to about 90,428 thousand pounds ($59.81).
And the price of a gram of 21 karat gold in Lebanon (the most traded in the market), at the beginning of trading today, fell to about 79.127 thousand pounds ($ 52.33).
The price of a gram of 18 karat gold in Lebanon, at the opening of trading today, fell to about 67,822 thousand pounds ($44.86).
Regarding economic gold prices in Lebanon today, the price of a gram of 14-karat gold fell by 52,750 thousand pounds ($34.89).
The price of an ounce and a pound of gold in Lebanon
And the price of an ounce in Lebanon, during early trading today, decreased to about 2.812 million pounds (1860 dollars).
While the price of the gold pound in Lebanon, at the beginning of trading today, reached about 633,013 thousand pounds (418.66 dollars).
Global gold prices
Globally, gold prices rose when settling Friday’s trading session (the last session of the week), supported by growing concerns about the continuation of inflationary pressures and with anticipation of monetary policy developments.
Concerns about rising prices increased after data from the US Bureau of Labor Statistics showed on Thursday that the inflation rate in the United States rose to 7.5% during last January on an annual basis, which represents the highest pace in 40 years.
These data doubled the pressure on the Federal Reserve to take a more hawkish stance to confront accelerating inflation, as experts at Citigroup indicated the possibility of raising US interest rates by 50 basis points during the next March meeting.
Thomas Barkin, President of the Federal Reserve in Richmond, stated that he would be open to raising rates by about 50 basis points, while Thomas Bullard, President of the Federal Reserve in St. Louis, expressed his support for a 1% rate hike by the beginning of next July.
US Treasury yields declined during Friday’s trading, as the 10-year bond yield recorded 1.97%, after it exceeded 2% during yesterday’s trading following the release of inflation data.
Meanwhile, data from the University of Michigan showed that US consumer confidence fell to the lowest level in a decade, as the index recorded 61.7 in the preliminary reading in February, compared to 67.2 points in January.
And the price of gold futures contracts for April delivery rose 0.2%, or $4.70, to reach $1,842.10 an ounce at the settlement of the Friday session.
In the total trading last week, gold prices rose by 1.9%.
And the dollar index, which measures the performance of the US currency against a basket of six major currencies, rose 0.5% at 96.029 points Friday evening.