“Lebanon Debate”

Gold prices have witnessed a noticeable decline in recent days, which has raised questions among the Lebanese about whether this decline will continue during the coming period, or whether the current levels constitute an appropriate opportunity to buy.

In this context, gold trader Bashir Hassoun saw, in an interview with Lebanon Debate, that the yellow metal is still moving on a downward path in the short term, after the ounce fell to the range of $4,140, ​​wondering whether this decline will continue, or whether the current prices represent a good opportunity to enter the market.

Hassoun explained that gold is still in a downward trend, expecting continued pressure on prices during the next stage, with the possibility of the ounce falling to the level of $4,000, and perhaps below that, if the factors currently affecting global markets continue.

On the other hand, he indicated the possibility that gold may witness a temporary corrective movement from the current levels, so that it may rise again from the range of $4075 – $4100 to the range of $4200 or $4300 per ounce, before completing its subsequent path.

He stressed that, in his opinion, the current decline does not constitute a signal to sell, but rather a buying opportunity for investors wishing to keep gold in the medium and long term, considering that any additional decline in prices may pave the way for a new wave of rise in the future.

Regarding the prices traded in the market, Hassoun explained that the price of a gram of 24 karat gold is about $133, while 21 karat is about $117, and 18 karat is about $100, while the price of the English gold pound is about $945.

He pointed out that silver also recorded a decline during the recent period, as the price of an ounce ranged between 63 and 64 dollars, while the price of a kilo of silver reached about 2075 dollars.

Hassoun stressed that these prices do not include commission or workmanship, which vary according to the type of piece and its source, whether national, Italian, or from other sources, noting that the actual selling prices are usually lower than the prices shown on international screens.

He concluded by stressing that those wishing to enter the gold market should look at the current declines as a deliberate opportunity to buy, not a reason for panic in the market, stressing that the yellow metal is still a candidate to record new highs after the end of the current correction phase.