Welcome to Mina Sky Jewellery’s gold market update for Monday July 13. We are pleased to bring you our market news, and today it carries a genuine opportunity. Gold has fallen to approximately $4,020 to $4,066 per ounce, down more than 2% following a serious escalation in the Middle East. This makes today’s prices the lowest of the entire year — an excellent moment for anyone looking to buy beautiful gold jewellery. Here is our clear and friendly guide to what is happening.
Today’s prices:
24K: ~$130.00/gram | 22K: ~$119.20/gram | 21K: ~$113.75/gram | 18K: ~$97.50/gram
What happened? Over the weekend, tensions between the US and Iran escalated sharply. Iran declared the Strait of Hormuz — the waterway carrying about a fifth of the world’s oil — to be closed, and the US carried out strikes. Oil prices jumped more than 7% in response.
Why did gold go down instead of up? This is the question many of our customers are asking, and it is a fair one. Normally, gold rises during conflicts because people see it as a safe place to store wealth. But this time, the rise in oil prices means higher inflation, and higher inflation means the US Federal Reserve is more likely to raise interest rates — markets now expect nearly a 70% chance of a rate hike in September. Because gold does not earn interest, higher interest rates make it less attractive to investors, and the price falls. So the conflict has pushed gold down through this indirect route.
What this means for you: Today’s prices are the best of the year. Gold is now roughly 28% below its record high from January. A 50-gram gold necklace costs approximately $2,525 less than it would have at that peak. Whether you are shopping for a wedding, an engagement, a gift, or simply adding a beautiful piece to your collection, this is a rare and favourable moment.
Our friendly guidance:
For weddings, engagements, and gifts: this is an excellent time to buy. You will not easily find better prices this year.
For those building a collection: quality gold jewellery holds its value over time. Buying at the year’s lowest prices means better value on every piece.
For long-term savers: it is worth knowing that the world’s central banks are buying gold heavily right now — China’s central bank bought at its fastest pace in over two and a half years in June, precisely as prices fell. The world’s most patient institutions see value at these levels.
A note of balance: The market is moving quickly this week, with Fed Chair Warsh speaking to Congress on Tuesday and an important inflation report due. Prices could move in either direction, so please confirm the live price with us before purchasing.
Gold at $4,020 is still 19.5% higher than it was a year ago — a reminder of gold’s lasting value. Mina Sky Jewellery is delighted to welcome you and help you find something beautiful at an excellent price.
Today’s prices: 24K — $130.00/gram | 22K — $119.20/gram | 21K — $113.75/gram
All prices USD. Indicative only. Highly volatile market. Please confirm final pricing in store.
