21-Carat Gold Hits JD55.3 Per Gramme Amid Market Fluctuations

(MENAFN- Jordan Times) AMMAN - Gold prices in the Kingdom's local market rose by JD0.5 on Tuesday compared with Monday's rates, according to the daily bulletin issued by the General Syndicate of Owners of Jewellery and gold Shops.

The syndicate's report indicated that the selling price for 21-karat gold-the most traded category in the country-reached JD55.3 per gramme, while the purchase price stood at JD53.3 per gramme.

Meanwhile, prices for 24-karat and 18-karat gold were recorded at JD63.3 and JD49.3 per gramme, respectively.

As the new year begins, gold prices continue to fluctuate globally due to ongoing geopolitical tensions, inflationary pressures, and market volatility. Local jewellers told The Jordan Times that this rise reflects a growing demand for gold as a safe-haven asset.

Commenting on the price rise, Saed Salim, a gold retailer in Amman, said,“We usually experience a spike in prices at the beginning of the year as investors look to hedge against potential economic instability. This year, the situation in Gaza and regional uncertainties have further fuelled demand for gold, both locally and internationally.”

Omar Malik, a trader in the gold market, pointed out that there is still an apparent shift in consumer behaviour:“Many buyers are now prioritising the purchase of coins and lightweight jewellery. The middle-income segment of society is particularly cautious given the rising cost of living.”

The local gold industry in Jordan has long been impacted by global factors such as currency exchange rates and international gold prices.

Economic analysts suggest that the strengthening of the US dollar and concerns over potential interest rate hikes are likely to sustain high gold prices, as gold remains a popular and safe investment at least in the near future of 2025.

The experts also emphasise the importance of monitoring international developments and their potential impact on local sectors.

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