Khaberni - The head of the goldsmiths and gold traders guild, Rabhi Allaan, explained in a press statement the reason behind the record rise in gold prices in Jordan, stating that it is due to a combination of political and economic factors, most notably global geopolitical tensions, in addition to the U.S. Federal Reserve's policy on reducing interest rates on the dollar before the end of this year and during the next year, alongside expected changes in the Federal Reserve's management.
Allaan said that gold prices are currently witnessing a continuous increase in the local market, where the price of a gram of gold is approximately 90 Jordanian dinars, coinciding with gold reaching a new historic high globally at $4485 per ounce.
He affirmed that gold continues to record new historic numbers both locally and globally, expecting this upward trend to continue in the upcoming period, noting that 2026 is expected to be "the year of precious metals," with predictions reaching gold prices to $5000 per ounce in its early stages.
Allaan pointed out that gold still represents a safe haven, amid increasing demand from central banks around the world, noting that major countries like China continue to buy gold, despite the United States owning the largest global gold reserve, which enhances the chances of continued price increases.
Regarding the possibility of a price decline, Allaan considered that the chances of a sharp decrease are very slim, explaining that the most that could happen is price stabilization or slight correction, confirming that a return of gold prices to pre-two years levels is unlikely.
He mentioned that political statements, including those related to ending conflicts or easing tensions, could impact the pace of the rise, but the potential reflection would be limited, and will not lead to significant decreases, given the continued economic and geopolitical factors supporting the rise of gold.
Finally, Allaan emphasized that global economic conditions, tariff duties, and American fiscal policies, in addition to ongoing international crises, are all factors that favor keeping gold at elevated levels, ruling out the occurrence of sharp declines in the foreseeable future.
