GOLD NEWS

Jewelry Union urges Jordanians not to delay gold purchases

Wed June 05 2024

The head of the Jewelry Union, Rabhi Allan, urged soon-to-be-wed Jordanians not to postpone purchasing gold.  Speaking on Roya TV’s "Nabd Al Balad" on Wednesday, Allan highlighted the unpredictable nature of gold prices amidst ongoing geopolitical instability and unclear interest rates.  Allan noted that gold prices have risen by approximately USD 600 over the past eight months.

He explained that price fluctuations lead the union to announce multiple pricing updates daily, with today's prices increasing by about USD 30 due to northern front events. Allan described Jordan's jewelry sector as heavily affected by high prices and low demand for gold jewelry.

He stressed that Israeli Occupation aggression on Gaza significantly reduced Jordanians' celebratory activities, leading to minimal demand for gold. Allan added that the Federal Reserve's uncertainty regarding dollar interest rates has made gold a safe haven for sovereign banks globally.

Gold Prices Rise

Local gold prices rose by 30 piasters per gram on Wednesday, with 21-carat gold selling at JD 47.3 and buying at JD 45.3. Additionally, 24-carat gold sold at JD 54.8 and bought at JD 52.4, while 18-carat gold sold at JD 42.3 and bought at JD 38.8.

Globally, spot gold prices rose to USD 2,356.17 per ounce on Wednesday.

Source: https://en.royanews.tv/