Gold prices witness slight decrease in Yemeni markets within 24 hours

SANAA, June 04 (YPA) – Gold prices in Yemen recorded slight declines on Thursday across the separate financial jurisdictions controlled by the Sanaa-based authorities and the Saudi-backed government in Aden, local currency exchange and bullion markets reported.

The minor downward correction follows a month of high price volatility throughout May for both gold sovereigns (locally referred to as the gold sovereign) and 21-karat gold.

Due to the ongoing fragmentation of Yemen’s monetary system, prices varied significantly between the two regions:

• Sanaa Markets: The gold sovereign slipped by 3,000 Yemeni Rials (YER) over a 24-hour period to trade at YER 542,000, down from its May close of YER 544,000. Meanwhile, 21-karat gold settled at YER 70,000 per gram, up slightly from its late-May average of YER 69,800.
• Aden Markets: Driven by a weaker local currency variant, the gold sovereign dropped by YER 4,100 within 24 hours to trade at YER 1,587,500, down from its May closing price of YER 1,589,000. Gram prices for 21-karat gold fell by YER 800 over the same period to settle at YER 204,000.

Local market analysts attribute the persistent domestic price disparities primarily to the divergence of exchange rates and independent monetary policies enforced by the country’s competing authorities, rather than shifting global bullion benchmarks.

YPA