Record highs in gold prices drive increased purchases of liras – stakeholders

AMMAN — As gold prices continue to skyrocket, with 21-karat gold reaching unprecedented highs, stakeholders are observing a surge in the purchase of gold liras.

On Tuesday, the price of one gramme of 21-karat gold in the local market fell to JD53.30 for purchases, while the selling price stood at JD51.50.

“The small gold coins have become a preferred choice for many buyers looking to protect their assets amid growing uncertainty in 2024,” Karam Samir, an employee at a jewellery store, told The Jordan Times via phone.

Samir added that jewellery shops across the country have reported a rise in demand for gold liras, noting that their small size and versatility make them an attractive option for investors during economic uncertainty.

Economist Waseem Hussein told The Jordan Times that regional instability, particularly due to political and economic unrest, has driven more people toward tangible investments like gold, which is viewed as a safe haven for preserving wealth. 

Hussein noted that despite the ongoing increases in gold prices, many in the Kingdom are opting for gold liras to secure their financial futures in an unpredictable environment.

Suad Fada, a Jordanian in her 50s, said, “With the situation in the region, gold feels like the safest bet as it does not lose its value the way currency might.” 

Fada stressed that “no matter the circumstances, gold offers a sense of reassurance when everything else feels unstable.”