One and a half million riyals for 510 thousand… One gold pound carries three different prices in one country! This is what the current figures for Saturday, December 21, revealed, as Yemenis face a divided economic reality that makes the precious metal an unattainable dream in Aden, while it remains within the reach of some in Sanaa.
Official data indicate that the cost of acquiring one gold pound in the temporary capital, Aden, has jumped to an astronomical level of one million and 530 thousand riyals for purchase, compared to one million and 561 thousand riyals when selling. These numbers reveal an amazing gap with the capital, Sanaa, where the purchase price for the same piece does not exceed 510 thousand riyals, while the selling price reaches only 515 thousand riyals.
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Economic divide hits precious metals markets
At the level of grams, the picture becomes clearer when we find that one gram of 21 carat gold is sold in Aden for a price ranging between 195 and 205 thousand riyals, while in Sanaa the price does not exceed the range of 63,300 to 65,500 riyals per gram.
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These huge differences reflect the reality of the sharp economic disparity that Yemen is experiencing, as the prices of precious metals continue to record high levels amid relative stability in both cities, while a state of caution and hesitation continues among investors and traders.
Limited trading activity and cautious anticipation
Despite the stability of prices at high levels, the gold markets in both cities are witnessing weak trading activity, which reflects the state of anticipation prevailing among traders in light of the exceptional economic conditions that the country is going through.
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