‘Demand for gold expected to soar ahead of Ramadan’

AMMAN — The current “modest” demand for gold is expected to witness a “sharp increase” over the next two weeks before the fasting month of Ramadan begins, a sector leader said Saturday.

Jordan Jewellers Association Secretary Rebhy Allan linked the expected rise in demand to the rush to hold parties and weddings before Ramadan, as well as the end of final exams at schools and universities, and the arrival of Jordanian expatriates. 

“Due to the political conditions of the surrounding countries, many Arabs decide to get married in Jordan due to its safety and security,” he told The Jordan Times in a phone interview.

“The peak of the season... will be in the period between Eid Al Fitr [the Muslim feast marking the end of Ramadan] and Eid Al Adha [the Muslim feast marking the end of the pilgrimage season],” he added. 

The association does not have figures on the volume of gold purchases during May yet, according to Allan, but the current prices of gold are “low and encouraging for those interested in buying”.   

On Saturday, the price of 24-karat gold stood at JD27 per gramme on the local market, while 21-karat gold was priced at JD23.9 per gramme, and 18-karat gold was worth JD20.25 per gramme, he said.

Furthermore, the price of a Rashadi lira, weighing seven grammes, stood at JD175, while an English lira, which weighs eight grammes, is worth JD198, according to the sector leader.