‘Price of gold not affected by Brexit vote’

AMMAN — Domestic gold prices were not affected by the UK’s vote to leave the European Union, the president of the Jordan Jewellers Association (JJA) said on Saturday. 

The UK on Thursday voted to separate from the EU in a referendum that sent the British pound plummeting to its lowest level since 1985 and led to the resignation of UK Prime Minister David Cameron.

JJA President Osama Imseeh said the value of an ounce of gold had dropped from $1,315 to $1,250 in the week before the vote, but picked up on Thursday.

Imseeh told The Jordan Times that the value of gold had risen. 

Local demand for gold is stable for this time of year, Imseeh said, adding that demand usually increases after Ramadan.

The return of expatriates and the start of the wedding season after Eid Al Fitr (the Muslim feast marking the end of the fasting month) contribute to the rise in demand, he explained. 

Sales also increase when the results of the General Secondary Education Certificate Examination are announced, since relatives buy jewellery as presents for successful female students. 

Imseeh said local sale and purchase prices on Saturday for 24-karat gold were JD31.6 and JD29 per gramme; JD26.8 and JD25.2 for 21-karat; and JD23.6 and JD21.5 for 18-karat.

There are about 625 jewellery stores across the Kingdom, he added.