Bahrain: Gold Sales Decline By 70%

Gold sales in the Kingdom of Bahrain have fallen by 70% in the last few weeks, according to unofficial data in the Kingdom and other websites. They added that the reasons behind that fall were to religious events season “Ashura”, implementation of the Value Added Tax “VAT”, decline and inflation in prices.

According to press reports, Bahraini market is witnessing a large recession in the gold sales during the past few weeks for several reasons mainly the decline and inflation sometimes in prices, which, they added, led to the loss of investor and consumer and fear of buying in addition to the high cost of living. Reports stated that Bahrain’s total imports of gold reached 319.1 kilograms, worth BD5.047 million, during the first eight months of last year, according to data released by the Bahrain e-government.

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About current gold prices in Bahrain, the price of 18-carat reached BD13.56 per gram, while the price of 21-carat BD15.82 per gram, and the price of 24-carat reached BD18.08 per gram according to data from official authorities.

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