Amman—Rabhi Allan, head of the Jewelry Union, has urged Jordanians, particularly those planning weddings, not to delay their gold purchases due to the unpredictable nature of gold prices influenced by ongoing geopolitical instability and uncertain interest rates.
Speaking on Roya TV’s “Nabd Al Balad,” Allan highlighted that gold prices have surged by approximately USD 600 over the past eight months. He emphasized that current geopolitical events, particularly along the northern front, have led to a recent spike of about USD 30 in gold prices.
Allan described the Jordanian jewelry sector as being severely impacted by high gold prices and diminished demand. The recent Israeli aggression on Gaza has significantly dampened celebratory activities among Jordanians, further reducing the demand for gold jewelry.
He also noted that the Federal Reserve’s indecision regarding dollar interest rates has contributed to making gold a preferred safe haven for sovereign banks worldwide.
Gold Prices Climb
On Wednesday, local gold prices increased by 30 piasters per gram. The price for 21-carat gold was JD 47.3 for selling and JD 45.3 for buying. Meanwhile, 24-carat gold was priced at JD 54.8 for selling and JD 52.4 for buying, and 18-carat gold sold at JD 42.3 and bought at JD 38.8.
Globally, spot gold prices rose to USD 2,356.17 per ounce on Wednesday.
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