Gold Prices in Jordan Skyrocket to Record Highs

Amman: Gold prices in the local market have surged to unprecedented heights, reflecting the precious metal's climb to a historic pinnacle of $2,300 per ounce in global trading at the close of Wednesday's session. President of the General Association for Owners of Jewelry Shops, Ribhi Allan, revealed that prices for various karats of gold soared to new records, with the coveted 21-carat gold commanding JD46 per gram for sale by jewelers, compared to JD44 for purchase. Addressing the specifics, Allan elaborated that the selling price per gram stood at JD53 and JD41.20 for 24- and 18-karat gold, respectively, in transactions with goldsmiths' stores. Additionally, the Rashadi lira, weighing 7 grams, fetched JD324, while the English lira, weighing 8 grams, commanded JD370, marking a notable increase of JD30 within a single month. Attributing the weakened demand-supply dynamics in the local gold market to escalating prices, Allan underscored the impact of recent events, including the Israeli aggression against Gaza, which has disrupted customary wedding ceremonies, leading to their postponement. Furthermore, Allan highlighted the global context, noting that gold concluded trading at an all-time high of $2,300 per ounce, a remarkable $200 surge over the past month. This upward trajectory, he explained, has been propelled by a confluence of factors, including geopolitical tensions, regional instability, and apprehensions of escalating conflicts. The heightened uncertainty has prompted investors to seek refuge in gold as a safe haven, with central banks worldwide actively acquiring substantial quantities of the precious metal. Allan emphasized that such fervent demand has outstripped supply in global markets, driving prices to unprecedented levels and cementing gold's status as a focal point amid turbulent times. Source: Jordan News Agency