Jewellers: Weak Commercial Activity Expected to Continue Until the End of the Year

Al-Taj News – Rubhi Allan, president of the Association of Jewellery and Goldsmiths Shop Owners, revealed that supply and demand in the local market remain weak, as markets await the course of global developments and the extent of their impact on gold trading in the coming period.

Allan explained that activity in the local market remains linked to changes in global gold prices, as consumers monitor price trends before making purchasing decisions, while geopolitical developments and uncertainty surrounding interest rates continue to influence market sentiment.

On the global front, Allan noted that gold prices stand at $4,165 per ounce, amid uncertainty linked to geopolitical developments, tensions in the region, and the ongoing Russia-Ukraine war.

Allan explained that developments related to the Strait of Hormuz and the Bab al-Mandab Strait, alongside escalating regional and international tensions, are keeping gold markets on alert as they await greater clarity on the course of events and their economic repercussions.

He added that gold price movements will remain tied to geopolitical developments and US monetary policy, amid continued uncertainty over the US Federal Reserve’s stance on interest rates before the end of the current year and the potential impact of its decisions on the yellow metal.