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Gold prices in Libya have recorded new increases, with a slight rise in scrap and cast gold, but a significant and unprecedented jump in the prices of new and used gold. The development comes as the Libyan dinar remains relatively stable against the dollar, while global gold prices continue their upward trend. The shift has attracted the attention of both traders and ordinary citizens, many of whom depend on gold as a store of value amid economic uncertainty.
According to data from platforms that track the yellow metal, the price of scrap gold reached 809.3 dinars per gram in the Libyan market. For 22-karat scrap gold, the price was 741.8 dinars per gram, while 21-karat scrap gold was 708.1 dinars. In addition, the price of broken 18-karat gold was put at 607.0 dinars, while cast 18-karat gold sold for 614.5 dinars. Cast 24-karat gold, which is often preferred by investors seeking higher purity, was priced at 817.5 dinars per gram.
However, the biggest changes were seen in the market for new and used gold. The price of new 18-karat gold rose sharply, ranging between 830 and 860 dinars, while new 21-karat gold climbed to between 900 and 945 dinars. Used gold also recorded notable increases. For 18-karat, the price stood between 720 and 745 dinars, while used 21-karat gold ranged from 825 to 845 dinars. A 21-karat lira weighing 8 grams was sold at 5,665 dinars, highlighting how far prices have moved compared to recent weeks.
Experts note that these changes reflect both international and local pressures. On the global stage, gold prices have been climbing steadily as investors move toward safer assets amid fears of inflation and geopolitical uncertainty. Locally, the Libyan economy is struggling with supply challenges and unstable consumer demand, making gold one of the few trusted hedges for savings.
The dynamics in Libya’s gold market are also shaped by regional buying power. Traders explained that fluctuations in manufacturing costs and transportation, alongside varying location-based charges at goldsmith shops, have further widened the price margins. This is why customers in different parts of Libya often pay different amounts for the same category of gold.
Meanwhile, silver prices also showed movement. New foreign silver was traded between 35 and 50 dinars, while new local silver was priced between 22 and 25 dinars. Although silver remains cheaper, its demand is lower compared to gold, which continues to dominate both the jewelry market and investment portfolios.
For ordinary Libyans, the rising price of gold has become a double-edged sword. On one hand, those holding gold assets are seeing their value rise. On the other hand, many consumers looking to buy jewelry for weddings or cultural events are finding the cost increasingly difficult to afford. Shop owners in Tripoli and Benghazi report that while sales remain steady, more buyers are shifting toward used gold as a cheaper alternative.
Financial analysts believe that the Libyan gold market will continue to mirror international trends in the near term. As global uncertainty pushes investors toward gold, the upward pressure on prices is likely to persist. For the Libyan economy, this trend could mean stronger demand for gold as an informal savings method, particularly at a time when confidence in other financial assets remains weak.
The North African country, still recovering from years of political instability, has seen its citizens increasingly turn to gold as a means of protecting wealth. Whether through scrap, new jewelry, or investment-grade lira coins, gold remains deeply embedded in the financial and cultural fabric of Libya.
