Gold prices in Palestine rose today, Monday, February 28, 2022, due to a sharp rise in global gold prices due to the existing tensions in eastern Europe.
Gold price today in Palestine
The average price of a gram of 24 carat gold in Palestine, during local market transactions today, was about 200.19 shekels ($61.39).
The average price of a gram of 21 carat gold in Palestine (the most traded in the market), during today’s local transactions, was about 175.17 shekels ($53.72).
The average price of a gram of 18 karat gold during today’s transactions in Palestine in the local markets was about 150.15 shekels ($46.04).
As for economic gold transactions in Palestine, the average price of a gram of 14 karat gold recorded about 116.78 shekels ($35.81).
Gold price per ounce and pound today in Palestine
And the average price of an ounce of gold today in Palestine, during transactions in the local markets, was about 6,226 shekels ($1,909). The average price of the gold pound was 1,401 shekels ($429.73).
Gold prices today globally
Global gold prices returned to recording successive gains at the beginning of weekly trading on Monday, as fears escalated over the possibility of greater tension between Russia and the West, with the latter tightening its restrictions on the Russian economy.
And on Monday morning, the price of an ounce jumped to the level of 1912 dollars, compared to the closing of last Friday’s trading of 1889.23 dollars an ounce, amid expectations that the prices of the yellow metal will continue to rise during today’s session.
And at the end of last week, Goldman Sachs strategists said that the rally in gold may reach a new record at $2,350, helped by demand for ETFs, on the back of the situation in Ukraine.
Gold’s close on Friday came as the 10-year Treasury yield hit a six-week high above 2%.
The West took a decision to separate some Russian banks from the global SWIFT system (with the exemption of energy transactions), as well as to freeze the possibility of the Russian Central Bank’s entry to its foreign currency reserves in the West, which increases the economic risks resulting from the war.