Despite its global decline, gold prices rise in Yemeni markets

SANAA, June 03 (YPA) – Gold prices witnessed a notable increase in Yemen’s markets on Tuesday, despite a global drop in rates.

Globally, gold prices retreated in recent hours after nearing a four-week high. This decline has been attributed to lingering uncertainty around the trade agreement between the United States and China, which kept investors cautious and limited gold’s fall.

In spot transactions, gold prices fell by 0.4% to $3365.22 per ounce, while US gold futures dropped by 0.2% to $3390.10, according to market trades.

Brian Lan, managing director at GoldSilver Central in Singapore, commented that the strengthening of the US dollar caused a slight drop in gold due to their inverse relationship, noting that gold prices remain closely tied to global trade developments.

In Yemen, however, gold prices recorded noticeable increases in jewelry markets across Aden and Sanaa.

In Aden, the price for a gold pound exceeded 1,932,000 Yemeni riyals, with 21-carat gold reaching 243,000 riyals per gram—marking a 100,000 riyals increase in the guinea’s price and a 10,000 riyals rise per gram within 24 hours.

Meanwhile, in Sanaa, the price of selling a gold pound stood at 394,000 Yemeni riyals, while 21-carat gold reached 50,500 riyals per gram. This reflected a price hike of 4,000 riyals for the guinea over the same time period.

YPA