Slight Increase in Gold Prices; Regional Tensions Drive Ounce to Its All-Time High

Translate by Sama Marwan,

Gold prices experienced a slight increase in local markets during trading today, Saturday, coinciding with the global market’s weekly holiday. This comes after the ounce reached its all-time high due to rising global demand and escalating tensions in the Middle East.

Saeed Embabi, CEO of the “iSagha” platform for online gold and jewelry trading, stated that gold prices in local markets rose by 5 pounds during today’s trading compared to the close of trading yesterday, with the price of 21-carat gold reaching 3,215 pounds. The ounce ended the week’s trading yesterday, Friday, at 2,343 dollars, achieving a weekly gain of 13 dollars after touching 2,430 dollars.

Embabi added that 24-carat gold reached 3,674 pounds, 18-carat gold reached 2,756 pounds, while 14-carat gold reached about 2,144 pounds, and the gold pound reached about 25,720 pounds.

Gold prices had increased by 30 pounds during trading yesterday, Friday, where 21-carat gold opened at 3,180 pounds, reached 3,300 pounds, and closed at 3,210 pounds. Meanwhile, the ounce increased by about 13 dollars, opening at 2,330 dollars, reaching 2,430 dollars, and closing at 2,343 dollars.

Embabi indicated that the sharp fluctuations in gold prices on the global exchange were due to escalating tensions between Iran and Israel, which pushed the ounce to its highest level yesterday, Friday. However, news of American interventions to pressure Iran not to launch a military strike against Israel also caused the ounce to decline at the end of trading.

He added that local market gold prices were affected by these fluctuations, as the price of 21-carat gold touched 3,300 pounds and then retreated to 3,210 pounds.

Embabi highlighted that the ongoing repercussions of these geopolitical events in the Middle East, along with the uncertainty surrounding the future of US interest rates, will enhance gold’s strength until the situation becomes clear. This will drive prices to unprecedented levels globally and locally.”

Related Articles

Back to top button