Goldsmiths: Autumnal sluggishness and a slowdown in buying and selling activity

The نقيب أصحاب محلات تجارة وصياغة الحلي والمجوهرات (Baton of the Owners of Jewelry and Goldsmithing Trade Shops Syndicate), Rabei Allan, revealed that gold prices in the local market increased by one and a half dinars per gram, coinciding with rising prices in global markets, driven by increased demand for the yellow metal, particularly from China and a number of other countries worldwide.

In a statement to "Alrai", Allan explained that the local market is witnessing a sluggishness in buying and selling activity during this period, amid the end of the summer season and the transition into autumn, a phase that typically experiences a slowdown in commercial activity and a relative stagnation in the demand for gold, according to the usual seasonal patterns in the market.

Globally, Allan pointed out that the increasing demand for gold, especially from China—which has resumed boosting its reserves of the yellow metal to support its economy—alongside the tendency of several countries to capitalize on lower prices and purchase gold, contributed to boosting global demand over the past weekend.

He added that global markets witnessed a noticeable demand for gold over the weekend, which pushed prices higher, with Friday's trading closing at approximately $4,193 per ounce, recording a clear increase.

Allan indicated that global price movements are reflected in the local market, at a time when domestic demand remains subject to seasonal factors, with buying and selling activity typically declining during the period following the end of the summer season.

Allan warned those wishing to buy gold against relying on untrustworthy offers, calling on them to contact the syndicate's committee to verify the invoice, weight, carat, and workmanship fees.

He stressed the necessity of buying from licensed shops and obtaining an official, 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 specialized factories and workshops for gold smithing and jewelry design, providing approximately 10,000 job opportunities.