Khaberni - The head of the Jewelers and Jewelers Association, Rabhi Allan, clarified the state of confusion and disorder witnessed in gold pricing in the local market on Saturday.
The Jewelers and Jewelers Association issued three prices on Saturday morning, which caused confusion, as the price of 21K gold in the first pricing (10:09 AM) was at 102.7 dinars, in the second pricing (10:15 AM) at 100 dinars, and in the third pricing (10:36 AM) at 100.50 dinars.
Allan told "Al-Mamlaka" that the association set today's pricing to be closest to the truth for the Jordanian citizen in terms of buying and selling, due to the state of confusion and disorder that occurred in global financial markets.
He indicated that gold prices fell sharply on Friday, by about 600 dollars per ounce, where the market closed at 4865 dollars per ounce.
Allan explained that these confusions in the gold markets are due to rapid political events, large profit-taking operations in the gold market, and the appointment by American President Donald Trump of a new head of the Federal Reserve.
He added that gold dropped more than 10%, while silver dropped about 15%, which caused major confusion in the markets, reflecting on the prices in the local markets on Saturday.
Allan pointed out that speculations about gold prices next Monday contributed to market confusion, due to the closure of markets on Sunday and Monday.
The selling price of 21K gold in the local market in the third pricing on Saturday morning was 100.5 dinars for the purpose of selling from jewelry shops, compared to 94.60 dinars for buying.
According to the bulletin issued by the General Union of Jewelers and Jewelry Traders, the price per gram of gold in 24K, 18K, and 14K for the purpose of selling from jewelry shops stood at 114.40, 88.90, and 69.60 dinars, respectively.
