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21-carat gold hits record high of JD46 per gramme amid market fluctuations

By JT - Apr 05,2024 - Last updated at Apr 05,2024

Gold prices in the local market on Thursday increases to unprecedented levels, reflecting ascent to a record-breaking $2,300 per ounce in global trading at the end of Wednesday’s session (Petra photo)

AMMAN — Gold prices in the local market on Thursday increased to unprecedented levels, reflecting ascent to a record-breaking $2,300 per ounce in global trading at the end of Wednesday’s session.

Ribhi Allan, president of the General Association for Owners of Jewelry Shops, said on Thursday that prices for various karats of gold have increased to new records, with the coveted 21-carat gold reaching JD46 per gramme for sale by jewellers, compared with JD44 for purchase, the Jordan News Agency, Petra, reported.

Allan added that the selling price per gramme stood at JD53 and JD41.20 for 24- and 18-karat gold, respectively, in transactions with goldsmiths’ stores, noting that the price of the Rashadi lira, weighing seven grams, is JD324, while the English lira, weighing eight grams, reached JD370, marking a significant increase of JD30 within a single month.

Allan attributed the weakened demand-supply dynamics in the local gold market to the escalating prices, emphasising the impact of recent events, including the Israeli war on Gaza, which has disrupted wedding ceremonies and led to their postponement.

Highlighting the global context, Allan noted that gold concluded trading at an all-time high of $2,300 per ounce, marking a significant $200 surge over the past month, adding that this upward trajectory has been driven by a combination of factors, including geopolitical tensions, regional instability and fears of escalating conflicts.

This state of uncertainty has led investors to seek refuge in gold as a safe haven, Allan said, noting that central banks worldwide are actively acquiring substantial quantities of the precious metal. He also stressed that such demand has outstripped supply in global markets, pushing prices to unprecedented levels. 

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