Khaberni - The Vice-Syndic of Jewelry and Gem Trade and Craft Owners, Fadi Emseih, estimated that gold prices in local markets are expected to rise during the morning pricing on Saturday.
Emseih said that Saturday's pricing might see a significant increase in gold prices, expecting the price of a gram of 21-karat gold to reach about 100.30 dinars per gram, while the price of a 24-karat gold gram may rise to approximately 115 dinars, according to his current estimates, as reported by Al-Mamlaka.
He pointed out that the prices of gold coins might also increase, with the Rashadi gold coin expected to exceed 700 dinars, and the English gold coin potentially surpassing 800 dinars, amid the ongoing trend of buyers turning to gold as a safe haven.
Emseih confirmed that the demand for jewelry in the local market is still relatively low, noting that the buying and selling activity is more concentrated on Rashadi and English gold coins, ounces, and silver, as they are considered safe havens for citizens and investors amid fluctuating economic conditions.
Globally, silver prices rose above $100 per ounce (ounce) for the first time in history last Friday, while gold continued to record new record levels, approaching the $5,000 barrier per ounce.
This came as investors flocked to safe-haven assets amidst geopolitical unrest, along with expectations of a U.S. interest rate cut next year.
Silver jumped in spot transactions by 4.5% to reach $100.49 per ounce by 16:49 GMT.
Philip Newman, a director at Metals Focus, said that silver is expected to continue benefiting from the same factors that support investment demand for gold, noting that concerns related to tariffs, along with a decrease in physical liquidity in the London market, provide additional support for prices.
He added that silver prices have surged by over 200% in the past year, driven by ongoing challenges in expanding processing capacities, along with a continuous shortage in supply.
As for gold, it rose in spot transactions by 0.8% to reach $4976.49 per ounce, after recording an all-time high of $4988.17 earlier in the day.
U.S. gold futures for February delivery also climbed by 1.3% to $4978.60 per ounce.
Tai Wong, an independent trader in the metals sector, said that gold's role as a safe haven and a means to diversify investment portfolios in highly volatile economic and political conditions makes it a fundamental element in long-term investment strategies, confirming that the current rise reflects structural shifts in the markets rather than just a temporary wave.
He referred to tensions between the United States and NATO over Greenland and concerns about the independence of the Federal Reserve, along with ongoing uncertainty regarding tariffs, all of which have contributed to the increased demand for safe-haven assets since the beginning of the year.
Purchases by central banks and the global trend toward reducing reliance on the dollar have also driven gold prices to new record levels.
It is expected that the Federal Reserve will keep interest rates unchanged during its upcoming meeting scheduled for January 27 and 28, although the markets still anticipate two additional interest rate cuts in the second half of 2026.
Gold benefits from lower interest rates as it does not yield returns, having previously recorded record levels at three thousand and four thousand dollars per ounce for the first time last year.
Other precious metals also saw strong increases, as platinum in spot transactions rose by 4% to reach $2735 per ounce, after reaching a record high of $2749.2, while palladium jumped by 4.3% to $2002.22 per ounce.
