The price of gold has recorded a significant decline in the global market and new prices has decreased by about 3 percent, after which its price has decreased by $ 157 per ounce.
According to reports, the price of gold in the global market has decreased to $ 5023 per ounce. According to experts, fluctuations in the prices of precious metals are being seen due to global economic conditions, investor trends and various geopolitical and political factors.
On the other hand, the ongoing tension and war situation in the Middle East are also having an impact on the global energy market. Due to this situation, a significant and unusual increase in crude oil prices has been recorded in the global market.
Internationally, the prices of both West Texas Intermediate crude oil and Brent crude oil have increased by about 30 percent. Experts say that if tensions in the Middle East continue, global oil prices may increase further, which is likely to have an impact on the global economy and energy markets.
The ongoing war in the Middle East following the Israeli attacks on Iran has forced Emirati traders to sell gold at discounted rates.
According to foreign media reports, the tense situation in the Middle East has led to cancellation of flights on one hand and the ability of suppliers to move gold from major trading hubs has also been affected, causing disruption in the market.
According to media reports, several buyers have backed away from new purchases, as they are not ready to bear the extraordinary shipping and insurance costs, while there is no guarantee of immediate delivery.
As a result, instead of incurring ongoing storage and funding costs, traders are selling at a discount of up to $30 per ounce compared to the London global benchmark.
The UAE, particularly Dubai, is a major gold export hub across Asia, and is also a route for gold from Switzerland, the UK and several African countries.
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