jordan pulse -
Rabhi Allan, the head of the Jewelers and Goldsmiths Trade Association, revealed a slight improvement in the demand for gold purchasing from citizens in the local market.
In a statement to “Al-Rai”, Allan attributed the improvement in demand to the start of the wedding season after the Eid al-Fitr holiday, expecting it to increase further with the end of the school exams for students and to reach its peak after the blessed Eid al-Adha; especially with the beginning of the school and university vacations, and the return of expatriates, which tends to boost the gold market activity.
Allan confirmed that the peak season, which witnesses active trading every year, begins from mid-June to mid-September, coinciding with the summer season and its various social occasions.
Regarding the possibility of a further increase in gold prices, Allan stated that it is difficult to predict future political events, which are currently the main influence on gold prices, making it challenging to forecast the direction of gold prices in the coming days.
Allan attributed the reasons for the recent decrease in gold prices to expectations of an interest rate cut and the uncertainty surrounding a potential truce in Gaza, as well as the yields on U.S. bonds, which have negatively affected the dollar.
According to Allan, the trade movement in the sector had previously experienced a decline in demand and supply for gold in the local markets since the beginning of the Zionist aggression on the Gaza Strip and throughout the holy month of Ramadan.
Yesterday, Saturday, gold prices in the local market decreased by 20 piasters per gram, according to the daily pricing issued by the General Syndicate of Jewelers and Goldsmiths Trade.
The price of 21-karat gold, the most demanded in Jordan, reached 46.8 Jordanian dinars for selling to the buyer from the goldsmiths, compared to 44.8 dinars for buying from the citizen.
The price of a single gram of gold of 24 and 18 karats for selling from the goldsmiths reached 54.2 and 41.8 dinars, respectively.
Allan urged buyers who wish to purchase to ensure the details before buying gold based on the offers, by contacting a committee in the syndicate via phone or WhatsApp, to verify the invoice, weight, karat, and fees.
The syndicate reiterated the importance of not dealing with online sites “whatever the reasons” to ensure they do not fall victim to fraud or manipulation of the gold offered for sale, and to head to licensed commercial shops to buy gold, requesting an official and stamped invoice that includes details of the karat, weight, price per gram, goldsmith’s fees, and the total price, to preserve their rights.