Bahrain- Expectations of a drop of 21 carats to 18 dinars. The drop in gold prices revived the markets, coinciding with Mother’s Day

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(MENAFN – Akhbar Al Khaleej) Wrote: Nawal Abbas

Yesterday, the price of the yellow metal decreased in the local markets due to the noticeable decline in the price of an ounce of gold worldwide, as a gram of 21-carat gold reached 18 dinars and 350 fils, 22-carat gold to 19 dinars and 200 fils, 24-carat gold to 20 dinars and 800 fils, and an ounce of 1.717 A dollar, and the price of gold fell by the equivalent of a dinar and 200 fils within one week, which led to a recovery and an increase in the buying movement in the markets by 70% due to the decrease in gold prices coinciding with Mother’s Day.

Gold dealer Jamil Al-Khunaizi says, “The drop in the price of gold in these percentages led to a revival in the sales movement at the goldsmiths, especially as it coincided with the occasion of Mother’s Day, which falls on March 21st, indicating that there are many customers who wish that the rate of decline would increase during the coming days, and this will increase the The buying process refreshes the market.

Al-Khunaizi attributed the decline in gold prices to the availability of the Corona vaccine of various types in the world, which led to an improvement in economic conditions.

For his part, the jeweler Hussein Al-Nattai said, “The price of a gram of 21 carat gold in the markets, which is desirable locally, has decreased to 18 dinars and 350 fils, as well as a gram of 22 carat gold to 19 dinars and 200 fils, and a 24-carat gold gram to 20 dinars and 800 fils, and an ounce to 1.717. Dollars, which led to the recovery of sales in the market by 70%, especially as it coincides with the occasion of Mother’s Day, indicating that gold prices have decreased to one dinar and 200 fils within a week or so, and there are expectations that the price of gold will break the barrier of $ 1700 per ounce, and reach 18 dinars For the gram, for gauge 21.

Al-Nattai attributed the drop in gold prices to the availability of several vaccines to treat Corona and the investors’ feeling of safety.

While the economist Jaafar Al-Sayegh considered that the decline in gold prices is corrective processes in which gold prices go through from time to time, especially since it has gone through a significant increase period for quite some time, due to the political situation and the spread of Corona disease, as well as the relatively high returns of American bonds, the recovery of stocks and the recovery of the dollar price, which made investors look An optimistic outlook reflected on the economy, especially after Biden entered the White House, which made the investment climate better than before, and reduced the pressure on investing in gold, bringing its price down, and the jeweler expected a continued decline in gold prices during the coming period.

The prices of 21 carat gold, which is the main caliber in a number of Arab countries, witnessed a remarkable decline on Thursday, as a result of the movement of the price of an ounce of gold within the limits of 12 dollars towards a decline, to record an ounce of gold 1717 dollars compared to 1730 dollars in the beginning of last Wednesday’s trading, knowing that These prices per ounce of gold are constantly changing throughout the day.

It is worth noting that gold recorded significant declines globally, which is reflected in gold in the Arab countries, where the price of the yellow metal fell by nearly 4% this month.

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