Gold Prices Rise in Libya Amid Global Fluctuations

The price of gold in various purities experienced increases in recent trading in Libya, coinciding with overall price declines and fluctuations in the global gold market on Wednesday and Thursday.

According to local Libyan gold traders, the price per gram of 18 karat gold rose to 377 Libyan dinars (LYD), while 21 karat gold increased to 439.83 LYD per gram. The price of 24 karat gold reached 502.66 LYD per gram.

In the cast gold category, 18 karat gold saw a slight uptick to 383 LYD per gram, and 24 karat cast gold recorded a price of 512 LYD per gram. New 18 karat gold ranged between 490 LYD and 530 LYD per gram, while new 21 karat gold fell between 535 LYD and 560 LYD per gram.

In Libya’s secondary market, used 18 karat gold traded between 420 LYD and 450 LYD per gram. Used 21 karat gold ranged from 470 LYD to 510 LYD per gram.

Silver prices also varied in the Libyan market, with new foreign silver ranging between 20 LYD and 40 LYD per gram. Locally produced new silver in Libya traded from 14 LYD to 17 LYD per gram.

Gold and silver prices in Libya can be influenced by various factors, including global economic conditions, geopolitical events, and shifts in supply and demand. Libyan buyers are advised to stay informed about current market rates and to purchase from reputable dealers within the country.

The Libyan gold and silver market has experienced volatility in recent years due to the country’s political and economic instability. However, precious metals remain a popular investment and store of value for many Libyans.