Gold prices in the local market declined by 30 fils per gram on Saturday, according to the daily pricing issued by the General Association of Owners of Jewelry and Goldsmith Shops. The precious metal continues to be directly affected by developments in the economic and political scenes in the region and the world. This decline comes amid a state of anticipation in the markets, as gold movement remains closely linked to ongoing political unrest in the Middle East, including discussions about possible escalation or de-escalation on multiple fronts, alongside ongoing diplomatic efforts and regional and international mediation attempts.

The head of the association, Rabhi Allan, stated that the price of 21-karat gold—the most in demand locally—reached 91.70 dinars for selling and 87.30 dinars for buying, while 24-karat and 18-karat gold recorded prices of 105.30 and 81.30 dinars respectively.

He added that the price of the 7-gram “Rashadi” lira reached 638 dinars, while the 8-gram English lira reached 730 dinars, noting that demand for gold for savings and investment remains weak despite relative price stability.

Allan explained that the local market may witness a slight improvement in purchasing activity in the coming period, coinciding with the approach of wedding and holiday seasons, while gold closed its weekly global trading at $4,510 per ounce.

He linked this relative stability to overlapping political and economic factors, including renewed talk of possible military escalation with Iran or reaching a truce through regional mediation, as well as anticipation of U.S. Federal Reserve decisions regarding interest rates and the strength of the dollar, which directly impacts global market movements.