‘Average’ demand for gold expected to continue until Ramadan

Razan Abdelhadi, Jordan News

last updated: Oct 10,2022

jewels and gold coins — (Photo: Envato Elements)

AMMAN — A gram of 21-karat gold was selling on Saturday for JD34.9 in jewelry shops; some 300 fils lower than a few days ago.اضافة اعلان

A gram of 24-karat and 18-karat gold was selling for JD41 and JD31.20, respectively, both registering slightly lower selling prices as well.

Yet, despite the decrease, demand for gold coins and 1-ounce gold bars in the local market is “average”, according to the head of the General Syndicate of Owners of Jewelry and Jewelry Trade and Crafting Rebhi Allan.

The yellow metal was selling on Friday in the global market at $1693 per ounce.

According to Allan, demand for gold is expected to remain “weak to average” until Ramadan.

“After Ramadan, demand for gold usually increases significantly, especially since there are more occasions and weddings following the fasting month,” he pointed out.

Demand for gold was greater in the summer, Allan said, adding that sales witnessed an increase.

Summer is usually the season for weddings and school graduation, which traditionally come with increased demand for gold, and that could explain this summer’s sales.

Still, according to jewelry shop owner Abu Anas, demand for gold “has dropped significantly since the onset of the COVID-19 pandemic”.

“Buying gold is not a priority anymore; people want rather to buy food and clothes for their children, in view of the hard economic conditions we witness,” he said.

But if “demand is linked to prices; whenever prices fall, demand increases”, this time, even though prices went slightly down, “this is not the demand we were hoping for, given that we have to pay salaries and rents”, he stressed.

Only lowering prices and increasing salaries, thus raising the purchasing power and liquidity in the hands of citizens, would help increase demand for gold, Abu Anas said.

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