"Simon Bouri sat behind the desk of his Beirut-based jewellery store, smoking a cigarette and answering calls from a client. Next to him, Aziz Arida fiddled with a beaded masbaha, also known as worry beads. Simon has worked in the jewellery sector for decades. But a recent rise and spike in the price of gold and silver has thrown many in the industry for a loop."
"By Wednesday, the gold price hovered at about $5,000 per troy ounce (31.1g), somewhere in between the recent high of $5,595 and the low of about $4,600. list of 3 itemsend of list We cannot predict anything, Simon said. It's crazy. Have you seen a 20 percent fluctuation in one day before? Simon asked, turning to Aziz, incredulously. Aziz works in commodities, such as wheat and other perishable items. Only once, Aziz replied sombrely. Chornobyl."
"Since 2019, Lebanon has been in one of modern history's worst economic and banking crises. But even before then, many Lebanese have looked to invest in precious metals, particularly gold, as a way to protect their money from inflation. Whereas banks have lost the public's trust, gold has widely been seen as a safe investment whose value has grown steadily."
Beirut jewellers and commodities workers have faced sudden, large swings in gold and silver prices, causing confusion and concern. Gold hovered around $5,000 per troy ounce, between a recent high of $5,595 and a low near $4,600. Traders reported unpredictable intraday moves of about 20 percent. Lebanon has suffered a severe economic and banking crisis since 2019, prompting many Lebanese to buy gold to protect savings from inflation as banks lost public trust. Precious metals typically attract buyers during geopolitical and economic uncertainty. Recent global instability, particularly in the Middle East, and policy shifts in the United States have contributed to market volatility.
Read at www.aljazeera.com
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