‘Drop in int’l gold prices fuelling local demand’

AMMAN — The drop in prices of gold globally has had a positive effect on the local market, the Jordan Jewellers Association (JJA) said on Saturday.  

“These prices encourage customers to buy gold. If they used to purchase a specific amount of gold at for example JD3,000, now they can get more gold at the same price,” JJA President Osama Imseeh told The Jordan Times over the phone. 

Over the past three days, the price of gold has decreased by $10 per ounce in the local market, according to the association. 

The price of 24-karat gold in the local market stood at JD29.35 per gramme on Friday, while 21-karat gold was JD24.35 per gramme, and 18-karat gold was JD21.35 per gramme, according to the JJA. 

Imseeh said the prices of gold increased significantly between 2008 and 2011 and affected the market negatively. 

But since 2011 prices have been going down. 

“It is not fair to compare the figures of 2014 to 2013 because many people bought a great quantity of gold during 2013 as an investment,” Imseeh added. 

Last year, imports of ready-made gold jewellery stood at 4.074 tonnes, while 12.14 tonnes of gold bullion were imported, according to the association.

No figures were available on the amount of gold bought by Jordanians in 2014.