Global, local gold prices continue through roof

Gold prices have continued to skyrocket both internationally and locally, with unprecedented price highs causing a state of stagnation on the local market.

On Monday, international prices for a 31-gram unit of 24-carat gold reached US$1167, with some analysts predicting that prices could rise as high as US$1500 within the coming two months.

Gold prices have jumped dramatically in the wake of recent moves by several governments to buy large volumes of the precious metal in hopes of offsetting the devaluation of their respective national currencies.

"Things may pick up by the Eid el-Adha festival later this month when people start buying gifts," said jeweler Amir Rizq.

Translated from the Arabic Edition.

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