Gold prices hold steady, but brides, savers feel the pinch

AMMAN — Gold prices in Jordan’s local market have remained stable since Thursday, yet consumers continue to voice frustration over persistently high prices, according to the General Syndicate of Owners of Trade and Jewellery Shops.

The price of 21-karat gold, the most commonly traded in the local market, stood at JD60.5 per gramme for sale at jewellery stores, while the purchase price was set at JD58.5 per gramme. Meanwhile, 24-karat gold was priced at JD69.3 per gram, and 18-karat gold at JD53.7 per gramme.

Despite gold’s cultural significance, especially for weddings and special occasions, and its reputation as a secure investment, rising costs have made it increasingly difficult for many Jordanians to afford.

“I have been saving for my wedding jewellery, but the prices are simply too high. What used to be a reasonable budget is no longer enough,” said Maha Ali, a bride-to-be.

Abu Qusi, a retired employee, echoed similar concerns, saying, “I used to buy gold as a long-term saving plan, but now even a few grammes are expensive. It’s no longer an accessible investment.”

Jewellers attribute the soaring prices to fluctuations in global markets, inflation, and economic uncertainty. Many expect gold prices to remain elevated in the short term, with potential adjustments based on international trading trends.