Bahrain Gold Prices Surge by Nearly 7pc Amid Global Bullion Rush
Gold prices in Bahrain have surged by nearly BD3 per gram over the past week, pushing 21-carat gold to about BD46.100 at some shops. The rise of around 7pc came in two sharp bursts, with gold climbing hard on Wednesday before another surge on Friday took the world price above $4,300 an ounce and to a seven-week high.
Sales at local gold shops have been impacted by the price jump, with some shoppers delaying purchases or buying less. However, demand for bullion bars has held up well, with couples preparing for marriage buying gold before the wedding season in case prices climb again.
Ahmed Emad, owner of Al-Omdah Jewellery, attributed the price increase to a worldwide rush into bullion and investors turning to gold as a store of value during uncertain times. He noted that several shops have seen strong demand for 24-carat bars in various weights, while some wedding buyers had also bought gold sets ahead of the season expected to pick up over the next two weeks.
Mohammed Al Khoor, of Miss Gold jewellery, said that prices were likely to keep moving sharply as markets track geopolitical events, the dollar, bond yields, US interest-rate policy, and shipping through the Strait of Hormuz. He noted that gold buying is usually softer in the first months of the Hijri year before rising around Rabi Al Awwal and the wedding season.