Precious Metals Directorate: Current gold prices do not reflect fair value

The Directorate of Stamping and Control of Precious Metals at the Ministry of Industry said that the current prices of gold jewelry, including liras and ounces, traded in the Palestinian market do not reflect the fair value, as they record unjustified increases compared to the global price. The Directorate added in a clarifying statement issued on Thursday regarding the buying, selling and trading of gold jewellery, that 'the increase in the price of an ounce is expected to range between $50 and $70, given the specificity of the Palestinian situation and the high costs of importing gold.' She added: "However, it was noted that prices in the Palestinian market have risen by up to $300 above the global price, reflecting the increasing demand for buying gold as a means of hedging, especially in light of the rumours and exaggerations promoted by some economic analyses." The Directorate confirmed that the global price of an ounce reached $2,680, driven by several factors, including changes in interest rate pol icy by the US Federal Reserve and current geopolitical tensions in the region. The Directorate stressed that the statements regarding the shortage of gold quantities circulating in the Palestinian market lack correct foundations, as it stamps approximately 70 kilograms of gold daily, which ensures the availability of the necessary quantities in the market. She urged citizens to be careful and not to be carried away by rumours, and called on them to be careful when making purchases, as current prices may expose them to future financial risks. She also urged citizens to follow the directorate's news and seek accurate information from reliable sources, to ensure informed decisions are made in line with the monetary policies in force, adding: "Citizens can submit complaints or inquiries by calling the toll-free number 129." Source: Maan News Agency