Gold prices in Lebanon fell today, Monday, August 30, 2021, in line with the fall in global precious metal prices.

In Lebanon, the price of a gram of 24 carat gold fell to 88,110 thousand pounds ($ 58.27).

Also in Lebanon the price of a gram of 21 carat gold (the most traded in the market) fell to 77,098 thousand pounds ($ 50.98).

The price of 18 grams of gold per gram in Lebanon fell to about 66,083 thousand pounds ($ 43.70).

The price of 14 grams of carat gold in Lebanon is about 51.398 thousand pounds ($ 33.99), while the price of 12 grams of gold is about 44,055 thousand pounds ($ 29.13).

Price of gold per ounce and pound

And the price of an ounce (an ounce) in Lebanon fell to about 2,740 million pounds ($ 1812).

The price of a pound of gold in Lebanon (21 carat 8 grams) also fell to about 616,783 thousand pounds ($ 407.88).

Global gold prices

Gold and dollar prices fell sharply following the news of the US Federal Reserve Chairman.

Gold prices fell in trading on Monday as risk appetite escalated following assurances from Federal Reserve Chairman Jerome Powell.

U.S. Federal Reserve Chairman Jerome Powell has calmed market fears of a rapid withdrawal of the stimulus used to mitigate the impact of the corona virus infection, which has reduced the safety of the yellow metal as a haven.

And gold fell 0.2% in spot trading to $ 1813.76 an ounce at 07:27 GMT.

In the previous session, gold touched a high of $ 1,822.92, the highest level since August 4.

US gold futures fell 0.2% to $ 1,816.50.

“People are more interested in the stock market … but if there is a correction, we can see a strong rally in the price of gold,” said Vandana Bharathi, vice president of commodity research at SMC Comrade.

He added that the limit between 1917 and 1940 dollars would remain a major resistance level until the end of the year.

During an online speech at the Jackson Hole Economic Conference, Powell did not give any indication when the central bank plans to reduce its asset purchases, but said it could be “this year”.

He noted that he would be cautious in any final decision to raise interest rates.

Powell’s Dovish comments helped gold rise 1.4% in Friday’s trade, pushing the US dollar to a two-week low.

Among other precious metals, silver was down 0.2% at $ 23.95 an ounce, platinum was down 0.1% at $ 1,006.76 and palladium was down 0.4% at $ 2,409.10.

Two weeks lower for the dollar

Following Powell’s comments, Greenback’s glamor has been a hit since Friday.

This is reflected in the reaction of investors, who, by devaluing the dollar index, measured the value of the US currency against major currencies, hitting a two-week low of 92.595 and settling at 92.66, still slightly lower during trading on Monday.