Gold demand declines by 50% amid economic, geopolitical uncertainty — stakeholders

AMMAN — The demand for gold has tremendously declined, continuing its downward trend amid turbulent economic and geopolitical developments, according to stakeholders.

President of General Syndicate of Owners of Trade and Jewellery Shops Rebhi Allan said that local demand has declined by 50 per cent compared with the same period in 2023. He attributes this decline to anticipations of further fluctuations in gold prices.

He added that despite gold prices rising to record highs, people are not selling their gold savings, as there is some uncertainty and instability during the current time, noting that gold is traditionally viewed as a secure investment and a reliable store of value.

Allan anticipated a surge in demand for gold and jewellery in the lead-up to summer, a period marked by the arrival of expatriates and the commencement of the wedding season.

Elias Akram, a local jeweller, told The Jordan Times that peak demand typically extends from the end of May through to the end of September, adding, “Gold prices remain robust and are expected to maintain their strong position.”

He said, "In light of the escalating tensions in the region, the situation is hard to predict, however, sector operators are hoping to experience better business by the end of the current month.”