Gold prices see surge



AMMAN — Two weeks after the start of the Israeli-Gaza conflict, gold prices continue to soar in Jordan and globally. 

“One gramme of 24 karat gold is sold now for JD47.5, while the selling price of one gramme of 18 karat gold is JD36.2,” the Jordan Jewellers Association said in a statement made available to The Jordan Times.

Among the factors affecting gold prices, is the presence of circumstances that create a volatile economic environment, economic analyst Waseem Hussein, told The Jordan Times.

He noted that the upward trend is expected to continue, with the global price of gold surging by over 3 per cent up to this point.


“Gold is regarded to be a standard value for currencies which means that currencies’ values are pegged to gold which is a secure investment in volatile times,” he said.


On October 9, one gramme of 21 karat gold was sold for JD37.9 and purchased for JD36.6 in the local market, according to sector operators.

Khalil Abdullah, a jewellery shop owner, said that the demand for gold, particularly, in the past couple of days has dropped.


He added that “now the selling price of one gramme of 21 karat gold has reached JD40.5…a huge increase since the start of the Israeli-Gaza conflict”.


Some investors and jewellers are purchasing gold as a reserve, but they represent a minority, he added.