“Jewelers”: Price drop restores activity to the gold market

Expectations of increased demand for lira and ounces

The Syndicate Head of Gold and Jewelry Shop Owners, Rebh Allan, revealed that gold buying activity in the local market over the past 48 hours was good to moderate, including gold jewelry, lira, and bullion, especially after a major period of stagnation witnessed by the market last month.

In a statement to Alrai, Allan explained that the decline in gold prices encouraged citizens to take advantage of the current price levels and turn towards buying gold, especially lira and bullion, as a means of saving, investment, and long-term value preservation.

He explained that buying activity at the beginning of the week saw an improvement compared to previous periods, with clear interest in investment gold and gold jewelry.

Regarding future expectations, Allan pointed out the difficulty of determining how long the decline in gold prices might continue, or predicting the price trend in the coming period, in light of the ambiguity surrounding news and political developments in the region and their repercussions on global markets.

He noted that gold prices are influenced by a complex set of political, economic, and monetary factors, which makes predicting their path during the coming phase difficult at the present time.

At the level of global markets, the gold ounce retreated to record its lowest level in about 13 months, influenced by several factors, most notably the US Federal Reserve's statements regarding the possibility of raising interest rates before the end of the year.

For his part, merchant Yazan Dana confirmed that the local market is witnessing a high turnout for various types of gold, whether gold jewelry or gold intended for saving, noting that demand includes various segments, with notable activity in buying supplies and bridal preparations.

Dana pointed out that the decline in prices contributed to stimulating citizens to buy, especially those about to get married and those wishing to acquire gold for savings purposes.

Allan warned those wishing to buy gold against relying on unreliable offers, calling for contacting the Syndicate's committee to verify the invoice, weight, karat, and workmanship fees.

He emphasized the necessity of buying from licensed commercial 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 factories and workshops specializing in gold smithing and jewelry design, providing nearly 10,000 job opportunities.