‘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.

Read more Features
Jordan News

‘Average’ demand for gold expected to continue until Ramadan

Razan Abdelhadi, Jordan News

Empowering Arab youth with HTUX.ORG

Under the patronage and presence of Her Royal Highness Princess Wijdan Al-Hashemi

Potato farmers’ struggle: Late blight disease looms

NYT

COVID-19

Jordan

Pandemic

petra

national

Safadi emphasizes necessity of de-escalation taking place in Middle East

50k perform Friday prayer in Al-Aqsa Mosque

Rallies against heinous war on Gaza countrywide

Careem customers donate $170,000 over Ramadan

Britons stage sit-in in front of British Parliament to demand end of exporting arms to Israel

Jordan's Foreign Trade Surges in January: Exports Rise, Deficit Shrinks

King publishes post on Laylat al-Qadr

FM: Jordan remains committed to undertaking all requisite measures to safeguard its security, sovereignty

RJ Adjusts Operations Following Air Traffic Halt

Jordan Reopens Airspace Following Comprehensive Safety Evaluation

Airline Operations Resume as Airspace Reopens After Precautionary Closure

Education ministry announces school hours

NEPCO awarded $18 million compensation for Zarqa Power Plant delay

Robust tourism in Aqaba over Eid holidays

King receives call from UAE president

Government Calls for Restraint Amid Regional Tensions

Royal Air Force continues fly-overs: Minister