Gold continues record global surge, nearing $4,000 per ounce; unprecedented prices hit Yemen

SANAA, Oct. 10 (YPA) – Gold prices witnessed a fresh surge in global markets on  Friday, heading toward their eighth consecutive weekly gain. This trend has directly impacted local markets in Yemen, recording unprecedented price jumps.

Gold prices have hit record high levels across the different regions of Yemen:

• In Sanaa government-controlled areas:
  • The gold pound surpassed the 500,000 Yemeni Riyal (YER) mark for the first time, with a cumulative rise of 38,000 YER since the start of October.
  • The 21-carat gold gram crossed the 64,000 YER threshold, marking an increase of 4,800 YER this month.
  • It’s worth noting that prices had already jumped by 45,000 YER per pound and 5,000 YER per gram last September.
• In Aden government-controlled areas:
  • The gold pound price reached 1,530,000 YER.
  • The 21-carat gold gram price hit the 199,000 YER barrier.
  • The increase since early October reached 107,000 YER for the pound and nearly 20,000 YER for the gram, adding to a prior surge of over 300,000 YER per pound and 50,000 YER per gram recorded in September.

Global Prices Surpass the $4,000 Mark

Global gold prices benefited from ongoing geopolitical and economic uncertainty, high demand for the safe haven asset, and expectations of interest rate cuts by the US Federal Reserve (the Fed).

• Spot gold rose by 0.1% to reach $3,977.87 per ounce (oz).
• The precious metal earlier this week reached an unprecedented level of $4,059.05 per ounce, crossing the $4,000 threshold for the first time last Wednesday.
• Gold futures contracts saw a 0.5% increase, climbing to $3,992.40.

Analysts pointed out that slowing economic growth, rising inflation, geopolitical shifts, and asset diversification strategies are all factors supporting the sustained growth in gold prices.

YPA