According to a report published by “International Information” owned by Jawad Adra, the total value of jewelry and gold imports to Lebanon from 2014 to 2023 amounted to 12 billion, 573 million, and 686 thousand US dollars. Gold bars imported during the same period accounted for 59% of the total jewelry and gold imports.
In 2023, the amount of gold bar imports stood out, as it increased by 89.6% compared to 2022. In 2023, Lebanon imported 31,814 kg of gold bars, compared to only about 16,776 kg in 2022.
According to the report, 2023 was the highest year for gold bar imports in terms of both weight and value in the last ten years, with the value reaching the highest figure during the mentioned period, amounting to 1.9 billion dollars. “International Information” prepared the report based on data from the General Directorate of Customs.
Will the Gold Price Increase?
Gold prices started to rise in early March after trading within a relatively stable range for several months. Since then, gold prices have increased by more than 16% over a month and a half, reaching a series of record highs, peaking at over 2400 dollars per ounce in mid-April before falling back to the current range of 2300 dollars. These gains are attributed to growing expectations of US interest rate cuts this year and ongoing geopolitical tensions.
Economists say that as the Federal Reserve approaches cutting interest rates, gold prices are expected to reach 3000 dollars per ounce, indicating a potential increase of 30% from current levels.
The price increase comes amid US Treasury Secretary Janet Yellen’s visit to China to discuss financial stability in US-China relations, including what Yellen described as overproduction of Chinese electric vehicles. Additionally, oil prices are rising, posing a threat to the US economy, according to Mark Zandi, Chief Economist at Moody’s. There are also concerns that the United States may not be able to service its sovereign debt, which has risen to 32 trillion dollars. Rising oil prices are also likely to raise inflation concerns, boosting gold prices, according to a research note from Swiss bank UBS.
It should be noted that Jawad Adra is the founder of “International Information” in partnership with Zeina Akar Adra, an independent research and statistical company founded in Beirut in 1995. “International Information” publishes research, survey, economic, financial, social, and cultural topics of interest to citizens and officials, in addition to periodic public opinion surveys on various topics.
In addition to presiding over and managing “International Information,” Jawad Adra is one of the founders of the “Nabu Museum” located in northern Lebanon. The Nabu Museum provides space for displaying artworks and functions as an institution to maintain the connection of communities with their culture through educational programs, training, organized tours, public lectures, and guided exhibitions.
Summary:
“International Information”: Approximately 32,000 kg of gold bars were imported in 2023, an increase of over 89% compared to the previous year.
