Gold prices in Bahrain are at their highest levels and the demand for bullion is high

Imad Al-Din’s wish

Gold prices in the Kingdom of Bahrain recorded their highest levels, which the local markets have not witnessed for a while, affected by the changes occurring in the global gold market, as the demand for buying the yellow metal increased as it is a safe way to preserve the value of money. This rise comes at a time when the local gold market is witnessing a change in buying and selling decisions among consumers and investors, amid continuous monitoring of price movements during the coming period.

According to Goldin Price website data, the latest update of the gold market in Bahrain until December 24 reveals that the price of a gram of 24 karat gold reached about 55.1 dinars, while a gram of 22 karat gold recorded about 51.30 dinars, and 21 karat gold reached about 48.9 dinars, while the price of 18 karat gold reached 41.9 dinars. These prices reflect the market’s trend towards high levels compared to last month.

The owner of Abu Ali Jewellery, Muhammad Aqeel, pointed out that the rise in gold prices has reached its highest level in history and that the price of an ounce has become $4,525, and this has affected consumer decisions, as customers agree to buy gold bullion and gold coins because they do not lose the value of their workmanship when resold, which makes them a safe haven when saving, especially 24 karat. As for other karats and lighter ones, they are more in demand on occasions and holidays for the purpose of decoration and not investment, as is the case with 24 karat.

Analysts attributed the rise in gold prices to a wave of international demand, as investors turn to gold as a safe haven in light of economic uncertainty. This comes in conjunction with the rise in global prices for the yellow metal, as a result of global economic and political tensions, as the price of an ounce recently exceeded $4,000 in global markets, which was directly reflected in the local market, according to Reuters.

Gold exceeded the level of $4,500 per ounce yesterday, for the first time ever, driven by increased demand for safe havens and expectations of continuing to reduce US interest rates next year, and silver and platinum also rose to record levels. Gold rose in spot transactions by about 0.4% to $4,503.59 per ounce, while US gold futures for February delivery rose 0.7% to a record level of $4,540.60 per ounce.