As of December 17th, 2024, at 04:34:55 pm NY time, 1 gram of gold is worth 7,615,692.38 Lebanese Pounds (LBP) in Lebanon. This price reflects the current market value at the specified time.
Current Gold Price in Lebanon
Gold prices are dynamic and fluctuate based on global market conditions, local economic factors, and currency exchange rates. The value of gold is often measured against international benchmarks, then converted to the local currency.
Here's a breakdown of gold prices in Lebanon at the specified time:
| Gold Unit | Price in Lebanese Pounds (LBP) | Change (LBP) |
|---|---|---|
| Per Gram | 7,615,692.38 | -16,978.03 |
| Per Ounce | 236,874,687.79 | -528,076.35 |
| Per Kilo | 7,615,692,375.13 | -16,978,036.24 |
Prices are as of December 17th, 2024, 04:34:55 pm NY time.
Understanding Gold Prices in Lebanon
The Lebanese Pound (LBP) has experienced significant fluctuations, making gold a traditionally attractive asset for preserving wealth. Investors and individuals often turn to gold as a hedge against inflation and economic instability.
Factors Influencing Gold Prices in Lebanon
Several key factors contribute to the ongoing changes in gold prices within Lebanon:
- Global Gold Market Trends: International gold prices, primarily denominated in U.S. Dollars, are the foundational drivers. Geopolitical events, global economic data, and central bank policies in major economies significantly impact these prices.
- Lebanese Pound (LBP) Exchange Rate: The strength or weakness of the Lebanese Pound against the U.S. Dollar directly affects the local price of gold. As the LBP depreciates, the cost of gold in LBP typically increases, even if the international dollar price remains stable.
- Local Demand and Supply: Consumer demand for gold jewelry, investment in gold bars or coins, and the availability of gold within the local market can influence prices.
- Economic Stability and Inflation: In periods of high inflation or economic uncertainty, demand for gold as a safe-haven asset tends to rise, pushing prices higher.
- Interest Rates: When interest rates are low, gold, which does not yield interest, becomes more attractive compared to other investments like bonds, often leading to increased demand and higher prices.
Considering these factors is crucial for anyone looking to buy or sell gold in Lebanon, as prices can change frequently throughout the day.
