Khaberni - The former captain of jewelry and jewelry traders, Osama Emsieh, called on citizens not to speculate in gold and to keep their possessions of the material.
Emsieh explained his call for not speculating on gold because gold is considered a tool for long-term investment, according to opinion.
Emsieh indicated that the recent increase in gold prices is due to the global demand for gold from major countries including China.
He mentioned that prices will not remain high as they may be subject to a corrective movement after the recent increase.
On Tuesday morning, the selling price of 21-karat gold, the most desired by citizens in the local market, was 80.7 dinars for selling purposes from jewelry shops, versus 77.6 dinars for the buying side.
According to the daily bulletin issued by the General Union of Owners of Jewelry and Jewelry Trade Shops, the price of one gram of gold of 24, 18, and 14 karats for selling purposes from jewelry shops was 92.4, 71.5, and 54.3 dinars respectively.
Gold reached a record high during early Asian trading on Tuesday, driven by economic uncertainty and traders' expectations of new cuts to U.S. interest rates.
According to the economic news agency «Bloomberg», gold rose in spot transactions by 0.4 percent to reach $3974.09 per ounce, trading close to its all-time high of $3977.19 recorded earlier in the session, while US futures contracts for gold delivery in December increased by 0.5 percent to reach $3996.40.
As for other precious metals, silver stabilized in spot transactions at $48.52 per ounce, platinum increased by 0.1 percent to reach $1626.55, and palladium increased by 0.1 percent to reach $1626.55.
In related context, oil prices stabilized on Tuesday, as sentiment that had risen after an OPEC+ production increase less than expected, fell due to weak global demand and the possibility of an oversupply.
Futures contracts for Brent crude rose by a single cent or 0.02 percent to reach $65.48 per barrel, while West Texas Intermediate crude in the U.S. stabilized at $61.69 per barrel.
The crude oils recorded an increase of more than one percent at the settlement in the previous session.
