AMMAN — Gold prices in Jordan’s local market recorded a new rise on Monday, with the sale price of the most popular 21-karat gold reaching JD80 per gram at jewellery stores, compared to JD77 per gram for buying.

 

According to the daily bulletin issued by the General Syndicate of Jewellery and Jewellery Shop Owners, the prices for 24-karat, 18-karat, and 14-karat gold increased to JD91.80, JD70.90, and JD53.90 per gram, respectively, for sales at goldsmiths' shops, the Jordan News Agency, Petra reported.

 

Ribhi Allan, head of the syndicate, has recently told The Jordan Times that “there has been a sharp fall in sales of jewellery and coins,” attributing the decline to mounting economic pressures on families.

 

“The domestic market is clearly experiencing weaker demand,” Allan added, noting that households are focusing on essential needs rather than investing in gold.

 

Economists say gold remains a preferred hedge in times of volatility.

 

“Worldwide, investors are boosting their gold holdings as protection against currency fluctuations and political risks,” economist Yousef Suboh told The Jordan Times recently.

 

Suboh said: “In Jordan, however, high inflation and limited purchasing power are overshadowing that instinct, keeping the local market subdued.”