Allan: Calm in the Local Gold Market

Rabhee' Allan, the representative of jewelry and gold shop owners, revealed that the local gold market is experiencing its usual calm during this time of year, with weak demand and limited supply.

In a statement to Alrai, Allan explained that the trading movement of gold is affected by the current price levels, pointing out the limited quantities traded in the market during this period of the year.

Globally, gold prices experienced significant fluctuation during Friday's trading, moving from approximately $4,120 per ounce to around $4,225, before closing at the end of the week at $4,142.

Allan pointed out that gold movements were affected during trading by developments related to oil and diesel prices, alongside statements linked to tensions between the United States and Iran.

He added that the continuation of uncertainty regarding the course of tensions and their potential impact on navigation in the Straits of Hormuz and Bab al-Mandab will keep global markets in a state of fluctuation in the coming period.

Allan expected gold prices to remain within a range of $4,100 to $4,400 per ounce in the coming period, amid ongoing uncertainty about geopolitical developments and their impact on global markets.

Allan warned those wishing to buy gold against relying on unreliable offers, calling for communication with the union committee to verify the invoice, weight, fineness, and wages.

He emphasized the necessity of purchasing from licensed commercial outlets and obtaining an official and stamped invoice, to protect consumer rights and ensure the safety of the purchase process.

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 goldsmithing and jewelry design, providing nearly 10,000 job opportunities.