Fluctuation in global gold prices An increase of two dinars and thirty piasters

Gold prices in the local markets rose on Wednesday, according to the daily pricing issued by the General Syndicate of Goldsmiths and Jewelry Traders, in a new movement reflecting the continued fluctuation in gold prices between rises and declines.

The price of one gram of 21-karat gold, the most in demand in the local market, increased by two dinars and thirty piasters, reaching 94.80 dinars for selling purposes from jewelry shops, compared to 90.40 dinars for buying.

The price of 24-karat gold rose to 108.8 dinars, while 18-karat gold reached about 84.10 dinars for selling purposes, amid a state of anticipation in the local markets for any new price changes.

Globally, gold prices rose by more than 1%, supported by a weaker US dollar, which enhanced the appeal of the precious metal as a safe haven. At the same time, lower oil prices helped ease fears of accelerating inflation and the continuation of higher interest rates for a longer period.

Gold in spot transactions recorded a 1.7% increase, reaching 4,633.31 dollars per ounce, while US gold futures for June delivery rose by the same percentage to 4,643.20 dollars per ounce, as markets closely watch economic and political developments, including hopes for international agreements that could influence price movements.

This rise comes amid clear volatility in the global and local gold market, where prices fluctuate between gains and losses depending on global economic factors, currency prices, and supply and demand dynamics in the markets.