‘Demand for gold stable on local market’

AMMAN — Demand for gold in the local market is stable and prices have not fluctuated compared to previous years in Ramadan, the president of the Jordan Jewellers Association (JJA) said on Saturday. 

“We expect demand to increase after the end of Ramadan, which marks the beginning of Eid Al Fitr, and the return of expatriates,” Osama Imseeh told The Jordan Times.

Gold sales usually rise when the results of the General Secondary Education Certificate Examination (Tawjihi) are announced, as relatives buy jewellery to congratulate successful students. 

Gold sales for June have been similar so far to sales in May, the JJA president said. 

Falling in summer this year, Ramadan coincides with the traditional wedding season when people usually purchase more gold, but Imseeh said this does not impact overall sales.

“This only contributes to delaying some weddings until the end of Ramadan and does not affect the total sales of a certain year,” he said.

International prices of gold are currently fluctuating within a $40 span, he said. According to Bloomberg.com, an ounce of gold was selling at $1,294.80 on Saturday.

Imseeh said that local sale and purchase prices on Saturday for 24-karat gold were JD31.2 and JD28.5 per gram; JD26.4 and JD24.8 for 21-karat; and JD23.2 and JD21.2 for 18-karat.

There are about 625 jewellery stores across the Kingdom.