Bahraini Gold Shops See Surge in Demand Ahead of Wedding Season

Gold shops in Bahrain have seen a surge in buying and selling activity as the country approaches its wedding season. The price of 21-karat gold remained stable at around BD 43 per gram, following the US Federal Reserve's decision to keep interest rates unchanged. According to local jewellers, demand for silver has plummeted by approximately 80%, despite its lower price.

The price of an ounce of gold was reported at $4,044.63, while the price of silver fell to around BD 800 per kilogram from BD 1,400 previously. Gold shop owners attributed the increased demand for gold to its stability in price and growing interest among customers looking to use precious metals as a form of savings.

Talal Ramadan, an investment and precious-metals researcher, noted that the Federal Reserve's decision to keep interest rates unchanged provided some support for gold prices. He also highlighted the decline in silver demand, citing its lower price as a contributing factor.