2023-10-28 17:41:40
Amman – The events of the barbaric war on Gaza pushed the price of an ounce of gold to rise by $180 per ounce since October 7th.
In trading the day before yesterday, Friday, an ounce recorded approximately $2,010, compared to $1,830 in the period preceding the Zionist attack supported by the evil coalition countries, “America, Britain, France, and Germany.” Add an advertisement.
Local gold prices have increased by more than 3.5 dinars per gram since the beginning of the Israeli crimes, as the price of a gram of 21 karat gold was regarding 37 dinars, recording today 40.7 dinars, an increase of up to 3.7 dinars per gram.
The head of the Syndicate of Jewelry Shop Owners, Ribhi Allan, said, “With the repercussions of the war on Azza from the Zionist entity, the price of gold rose globally to $2,010 per ounce, rising to regarding $28 during Friday’s trading.”
Allan confirmed that this increase was reflected in local prices by 40 piasters per gram.
Regarding the levels of demand for the precious metal in the local market, it decreased significantly during last week’s trading.
Allan believed that demand for gold would continue to decline during this week’s trading despite the improvement in supply levels in stores.
Secretary of the General Union of Jewelry Shop Owners, Saleem Al-Dhib, said that prices have risen significantly since the beginning of the attack on the Strip.
Al-Dheeb confirmed that the price of an ounce in trading on Friday reached $2,009.
He attributed the reasons for the rises witnessed in gold to the circumstances and repercussions that the region is witnessing.
Al-Deeb added, “Gold, in light of these circumstances and repercussions, became a safe haven, and thus prices rose significantly.”
According to Al-Dhib, supply operations are equal to demand, as the local market witnessed buying and selling operations, but they were limited.
Regarding price levels, the selling price of a gram of 21 karat gold to citizens was regarding 40.7 dinars, the price of buying it from citizens was 39 dinars, the selling price of a gram of 24 karat gold was regarding 48 dinars, and its purchase price was regarding 45 dinars, and the selling price of a gram of 18 karat gold was regarding 36.3 dinars. Its purchase price was 33.3 dinars, the selling price of the English lira, which weighs 8 grams, was regarding 328 dinars, and the selling price of the Rashadi lira, which weighs 7 grams, was regarding 289 dinars.
International reports showed that despite the multiplicity of investment tools, the record gains achieved by encrypted digital currencies, or the gains added by the dollar as a source of hedging in light of crises, gold was able to regain the top spot on the throne of safe havens in light of the current geopolitical tensions.
According to a recent report by the Gold Bullion Market Association in London, demand for the precious metal witnessed a record high during the current year, and central banks topped the list of buyers following they increased their purchases to regarding 387 tons during the first half of the current year.
The association believes that demand for gold is at record levels, although demand in the first quarter was much stronger than demand in the second quarter, and it expects that net demand for gold will remain positive during the second half of the current year.
Gold prices stabilized at the settlement of trading session on Friday, with the evaluation of American data that showed a slowdown in inflationary pressures on an annual basis, and in light of the continued demand for safe haven assets with the escalation of geopolitical tensions.
Bank of America had confirmed in a research note that, with central banks around the world continuing to buy gold, the trend of de-dollarization accelerating, and the US Federal Reserve stopping raising interest rates, gold only needs a few purchases from new investors to break through. The $2,500 barrier this year, so that the most realistic odds remain that the yellow metal will reach the $2,200 level at the end of 2023.
A previous report by the World Gold Council showed an increase in central banks’ demand for gold in the year 2022, in huge purchases that raised the demand for gold to its highest level in 11 years.
Central banks bought 1,136 tons of gold last year, the highest level in 55 years, while in the first half of this year they bought 386.9 tons.
Demand for gold among central banks achieved a record high in the first quarter of 2023, as it added 228 tons to its global gold reserves, recording a record pace for the first three months of the year since data collection began in the year 2000.
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