Buyers in Bahrain have not been deterred despite the price of gold hitting a record high of more than $4,000 an ounce yesterday, according to dealers.
The rate for 24 karat gold was BD49.6 per gramme yesterday, while 22k was selling for BD46.4 per gramme. During the same period last year, 24k was about BD36 per gramme while 22k was BDD33 per gramme.
GCC Gold and Jewellery Association’s Bahrain chapter’s adviser Mohammed Mualim told the GDN yesterday that customers were now queuing up to buy bullion.
“The market is not moving as fast as it should because customers are buying gold bullion rather than new jewellery items,” he said.
“There are also customers who are selling their old jewellery to buy bullion.
“There is a strong indication that the price is expected to touch $5,000 an ounce and that is further driving interest in gold.”
Gold bullion is investment-grade gold, at least 99.5 per cent pure, in the form of bars, ingots or coins. It is a tangible, safe-haven asset used by investors and central banks to hedge against inflation and market risk.
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