Gold prices stabilized today in Lebanon, Sunday, March 6, 2022, coinciding with the continued closure of the global financial markets, due to the weekend.
Gold price today in Lebanon
The average price of a gram of 24-carat gold in Lebanon today is 96,438 thousand pounds ($63.47).
And the average price of a gram of 21 karat gold in Lebanon (the most traded in the market) was about 84,385 thousand pounds ($55.54).
The average price of a gram of 18 karat gold in Lebanon, in today’s trading, amounted to about 72,330 thousand pounds ($ 47.60).
Regarding economic gold prices in Lebanon today, the average price of a gram of 14 karat gold was about 56,256 thousand pounds ($ 37.02).
The price of an ounce and a pound of gold today in Lebanon
The average price of an ounce in Lebanon during today’s trading reached the level of 2.999 million pounds (1974 dollars).
The average price of the gold pound in Lebanon today (8 grams of 21 karat) was about 675,083 thousand pounds (444.30 dollars).
Gold prices today globally
Globally, gold prices rose by about $34 at the end of trading week (Friday), with the escalation of political tensions due to the Russian-Ukrainian war, for the yellow metal to record strong weekly gains.
Gold is an asset that is hedged against spikes in inflation, geopolitical risks and times of economic crisis and war.
Due to fears of an escalation of military tensions between Russia and Ukraine, investors in gold contracts have found a safe haven to keep the value of their financial assets away from the US dollar.
And gold prices recorded at the end of last week’s session are the highest since the August 2020 trading, when the price of an ounce at that time reached $2,073 according to historical data.
At the end of the week’s sessions, the price of gold futures contracts – April delivery – rose by 1.80%, equivalent to $ 34.70, to reach the level of $ 1970.64 an ounce.
On Friday, palladium prices rose to their highest level since mid-July, as Russia accounts for 40% of global production of the auto-catalyst metal used by automakers in catalytic converters to reduce emissions.
In the trading of the past week as a whole, the price of benchmark gold futures contracts rose by 4.2% to achieve the largest weekly advance since July 2020.