Demand for gold rises by 20% in September

AMMAN — The growing number of weddings, the occasion of Eid Al Adha and Jordan’s stability and security contributed to increasing consumer demand for gold in September, according to the Jordan Jewellers Association.

Rebhy Allan, the association’s secretary, on Monday said the demand for gold last month was 20 per cent higher than in September 2013. 

“Jordanians spent JD28 million on gold, purchasing 936 kilogrammes last month,” he told The Jordan Times over the phone.

Allan cited several reasons for the spike in demand. 

“Many people coming from other Arab countries finalise their wedding procedures in Jordan and buy gold here. The high sense of security in the Kingdom is also another reason,” he noted. 

The demand for gold reaches its peak in August and September every year, during the wedding season and the return of expatriates. 

This year, the Eid Al Adha holiday, during which relatives exchange visits and gifts, also contributed to the increase. 

Allan said the price of 24-karat gold in the local market stood at JD28.4 per gramme on Monday, while 21-karat gold was priced at JD25.25 per gramme, and 18-karat gold was worth JD21.25 per gramme.