Gold rises globally but fluctuates in Yemen amid international concerns

SANAA, June 18 (YPA) – Global gold prices rebounded by more than 1% on Thursday, recovering from the previous session’s losses, while oil prices dipped following a peace agreement signed between the United States and Iran.

Global Precious Metals

• Spot Gold: Rose 1.5% to $4,322.41 per ounce, erasing most of Wednesday’s 1.7% drop.
• S. Gold Futures (August): Gained 0.9% to settle at $4,343.10.
• Other Metals: Spot silver climbed 2.2% to $69.51 per ounce, platinum added 1.8% to $1,767.53, and palladium increased by 2% to $1,338.67.

Despite the daily rally, the World Gold Council (WGC) expressed concerns over near-term pressures on the metal’s investment appeal. According to Bloomberg, the WGC cited hawkish monetary policy under Federal Reserve Chair Kevin Warsh, rising real bond yields, recent rate hikes by the European Central Bank, and the Bank of England’s decision to hold its key rate at 3.75%.

Yemeni Domestic Markets

In Yemen’s fragmented currency and commodity markets, gold prices showed divergent trends within the past 24 hours:

• Sanaa (Sanaa Government Areas): Prices saw a slight decline. The gold sovereign fell by 2,000 YER to 528,000 YER, while 21-karat gold dropped by 1,000 YER to 67,500 YER per gram. This follows a volatile May, which closed at 544,000 YER for the sovereign and 69,800 YER per gram.
• Aden (Aden Government Areas): Prices marked an increase due to differing local exchange rates. The gold sovereign rose by 7,000 YER to 1,558,000 YER, and 21-karat gold gained 3,200 YER to reach 203,000 YER per gram. In May, Aden’s market closed at 1,589,000 YER for the sovereign and 204,000 YER per gram.

YPA