Gold prices in Yemen decline, ending historic rally since early January

SANAA, Jan. 31 (YPA) – Gold prices in Yemeni markets saw a record decline on Saturday, ending a historic upward trend that had persisted since the beginning of January, as the markets in both Sanaa and Aden recorded significant drops over the past 48 hours.

Price Retraction in Sanaa

In markets under the Sanaa government, the price of a gold coin (Sovereign) dropped to 610,000 YER, while 21-karat gold was priced at 78,000 YER per gram. This represents a record decrease of 80,000 YER for the gold coin and 10,000 YER per gram within just two days, following unprecedented peaks reached since the start of the new year.

Market Trends in Aden

Similarly, markets under the Aden government recorded a parallel decline. The price of a gold coin fell to 1,819,000 YER, and 21-karat gold dropped to 238,000 YER per gram. According to market data, the decrease over the last 48 hours amounted to 111,000 YER for the gold coin and 12,000 YER per gram, effectively narrowing the gap of the historic price hikes witnessed earlier this month.

Context of the Decline

This sudden drop comes after an unprecedented surge in the price of the precious metal, influenced by both global and local market fluctuations. Gold has now surrendered a significant portion of the gains it accumulated since early January, leaving local traders and consumers closely monitoring the market for further developments in the coming days.

YPA