The Goldsmiths’ Market (Gold Souk) and Khan Al-Saboun in Tripoli are historic marketplaces dating back approximately 700–750 years. The market was not originally dedicated entirely to gold but gradually evolved into a gold market.
One shop owner recalls working in the market for 30 years and says he started coming to the shop when he was just eight years old. He remembers that a gold lira was priced at around 90,000–100,000 Lebanese pounds, equivalent to approximately $65, while an ounce of gold ranged between $250 and $350.
The price of an ounce of gold has since risen dramatically, reaching $3,300–$3,500, with expectations that it could continue rising. However, predicting the gold market remains difficult because of its rapid fluctuations: the price of an ounce can rise or fall by as much as $100 in a single day.
National gold coins, which carry serial numbers, can easily be sold or exchanged anywhere. However, people planning to travel outside Lebanon often prefer to buy Swiss gold, which is considered more reliable, although it carries a higher premium.
