Decline in gold prices at the beginning of the week

The selling price of one gram of 21-karat gold dropped by 50 piaste

Local gold markets witnessed a calm start to the week, with a noticeable decline in gold prices, reshaping the market after the rises recorded in previous days. This decline directly affected buying and selling activity in jewelry stores, where anticipation dominated among citizens.

The selling price of one gram of 21-karat gold, the most commonly traded among citizens, decreased by 50 piasters to reach 95.3 dinars for selling, compared to 90.7 dinars for buying, according to the daily pricing issued by the relevant authorities. This decline reflects a state of fluctuation dominating the market amid the influence of global and local factors.

The price of 21-karat gold had recorded 95.80 dinars for selling and 91.10 dinars for buying the previous day, confirming that the decline came gradually but clearly in a downward direction, which usually reflects on consumers’ decisions between purchasing or waiting for further drops.

The decline was not limited to 21-karat gold only, but included all karat levels. The price of 24-karat gold fell to 109 dinars compared to 109.60 dinars the day before, while 18-karat gold recorded 84.2 dinars after being 84.70 dinars, and 14-karat gold dropped to 66 dinars instead of 66.30 dinars.

This collective decline in prices reflects a continuous change in the gold market and places traders and consumers before careful choices, between waiting for price stability or taking advantage of potential buying opportunities that the market may offer in the coming period.