Gold prices rose in Lebanon today, Thursday, February 24, 2022, with the “precious” rise globally due to fears of the consequences of Russia’s war on Ukraine.
Gold price today in Lebanon
The price of a gram of 24-carat gold in Lebanon rose today, Thursday, to 94.930 thousand pounds ($62.52).
The price of a gram of 18 karat gold in Lebanon fell today, Thursday, to record about 71,199 thousand pounds ($ 46.89).
As for economic gold prices in Lebanon today, Thursday, the price of a gram of 14 karat gold recorded about 55,376 thousand pounds ($ 36.47), and the price of a gram of 12 karat gold recorded about 47,465 thousand pounds ($ 31.26).
The price of 21 karat gold today in Lebanon
And the price of a gram of 21 karat gold in Lebanon rose today, Thursday (the most traded in the market), to reach 83,066 thousand pounds ($ 54.71).
The price of an ounce in Lebanon today was about 2.952 million pounds (1944 dollars), and the price of the gold pound in Lebanon today (8 grams of 21 carat) recorded about 664,527 thousand pounds (437.66 dollars).
Gold prices today globally
On Thursday, gold prices jumped more than 2% to their highest in more than a year, with investors flocking to safe havens as Russian forces invaded Ukraine after President Vladimir Putin authorized what he described as a special military operation.
Spot gold rose 1.7% to $1,939.97 an ounce by 0611 GMT, after hitting its best level since January 2021 at $48.77. US gold futures rose 1.8 percent to $1,943.90.
Officials and media said that Russian forces fired missiles at several Ukrainian cities and landed troops on its southern coast.
Gold, considered a safe store of value during turbulent times, is up about 8% in February so far as the Russia-Ukraine crisis stymied risk appetite. The metal is heading for its best monthly performance since July 2020.
“Gold is a safe haven asset alongside the US dollar and this has its day,” said Jeffrey Haley, chief market analyst at OANDA. “We could inevitably see all-time new highs in gold.”
Halley added that prices may continue to rise towards the resistance at $1,960 an ounce and test $2,000 in the next few sessions.
Russia is the world’s third largest producer of gold, while Russia’s Nornickel is also a major producer of palladium and platinum.
Spot silver prices rose 2.1% to $25.03 an ounce, platinum rose 1% to $1,102.43, and palladium rose 1.3% to $2,514.54.
Dollar and oil prices also rose, while global stocks and US bond yields fell.
“It is not only the fog of war on gold, but also inflation,” said Stephen Innes, managing partner at SPI Asset Management, especially with oil at $100 a barrel, which is why gold has become a defensive product.
“There is a turn to gold for hedging at a relatively cheap price, even though it has reached that price,” Innes added.