Khaberni - The head of the goldsmiths and gold traders union, Rabhi Allaan, revealed that the market is witnessing a noticeable offer from citizens in terms of profit-taking, especially those who had bought gold at lower prices earlier, in contrast to a relative decline in demand due to the currently high prices.
He confirmed that the market movement is still cautious, with consumers anticipating any changes that may occur in the prices during the upcoming period.
The union warned those wishing to buy gold not to rely on unreliable offers, urging them to connect with the union committee to verify the invoice, weight, caliber, and fees, and emphasized the necessity of buying from licensed commercial stores and requesting an official stamped invoice, to preserve consumer rights.
According to statistical data from the Jordan Chamber of Industry, the gold and jewelry sector in the kingdom includes about 250 factories and workshops specialized in gold crafting and jewelry design, providing approximately 10,000 job opportunities.
The local market has achieved a noticeable increase, affected by the rapid rise in global prices, which is directly reflected by an increase estimated at about two dinars per gram.
Allaan explained that this increase came as a result of the closure of the global ounce price at a level of 4300 dollars, a figure close to the highest historical level reached by gold at 4380 dollars per ounce during the past September.
Allaan clarified that this increase is significant over a short period of time, primarily due to expectations of the American Federal Reserve cutting the interest rates on the dollar by a quarter of a basis point, in addition to indicators from the new administration of the Fed suggesting a direction towards more cuts in the interest rate during the upcoming period.
He noted that the increased global demand for gold as a safe haven also contributed to pushing the prices upward, amid economic uncertainty globally.
