"Jewelers": Weak demand for gold despite price decline

Gold closes at $3994 per ounce

The head of the Jewelry and Goldsmiths Association, Rebhie Allan, revealed that demand for gold in the local market remains weak, despite the price per gram dropping by about one and a half dinars.

In a statement to Alrai, Allan indicated that the decline in global prices might encourage increased demand for gold liras and ounces for savings and investment purposes, especially by citizens seeking to acquire gold as a means to preserve their savings.

Allan explained that the local market is affected by rapid changes in global gold prices, as citizens monitor price movements before making purchasing decisions, especially in light of the price fluctuations witnessed from time to time.

Globally, gold prices closed Friday's trading at $3994 per ounce, after recording $3967 during trading, amid the rise of the US dollar and developments related to the Russian-Ukrainian war.

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

He stressed the necessity of purchasing from licensed commercial shops and obtaining an official, stamped invoice to protect consumer rights and ensure the integrity 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 goldsmithing and jewelry design, providing approximately 10,000 job opportunities.