Gold prices in Lebanon fell today, Thursday, October 7, 2021, in parallel with the decline in the prices of the precious metal in global markets.
The price of gold in Lebanon
The price of a gram of 24-carat gold in Lebanon fell to 86,669,000 pounds ($56.73) compared to 85,159 pounds ($56.32) yesterday.
The price of a gram of 21 karat gold in Lebanon (the most traded in the market) fell to 75,838 thousand pounds ($49.64), compared to the level of 74,655 pounds ($49.47), yesterday.
18 karat gold price
The price of a gram of 18 karat gold in Lebanon decreased to 65,003 thousand pounds ($ 42.55), while the price of a gram of 14 karat gold recorded about 50,557 thousand pounds ($ 33.09).
The price of a gram of 12-carat gold fell to 43,335 thousand pounds ($ 28.36) compared to 42,579 pounds ($ 28.16) yesterday.
Gold price per ounce and pound
The price of an ounce in Lebanon recorded about 2,695,417 million pounds ($ 1764), while the price of the gold pound in Lebanon was about 606,700 pounds (397.22 dollars).
global gold prices
Gold prices extended their losses, today, Thursday, as gold futures fell during the Asian session despite the decline in the dollar, amid concern that the rise in energy prices.
According to the Comex classification of the New York Mercantile Exchange, gold futures contracts were traded in December at the level of $1,760.65 an ounce, recording a decrease of 0.07%.
And earlier in the session, gold recorded 1758.10 dollars an ounce, and according to Bloomberg data, gold may fluctuate between levels of 1745.40 dollars to 1771.50 dollars.
The dollar index, which measures the performance of the US currency against a basket of six other major currencies, fell by 0.05%, to record about 94.227.
Meanwhile on Comex, silver for December fell 0.31% to $22.602 an ounce while copper for December rose 0.22% to trade at USD4.1830 per pound.
Kyle Rhoda, analyst at IG Market, said the gold price’s momentum is waning on the back of monetary policy expectations.
“There are still significant indications of cost pressures in the global economy and that will keep the focus on central banks and policy tightening,” he added.