«Jewellers»: Weak commercial activity continues until the end of the year

The نقيب أصحاب محلات تجارة وصياغة الحلي والمجوهرات (Bourse of Jewellers and Goldsmiths Shops owners), Rubhi Allan, revealed that supply and demand in the local market remain weak, at a time when markets are awaiting the course of global developments and their extent of impact on the movement of gold during the coming period.

In a statement to (Alrai), Allan indicated that local market movement remains linked to the changes witnessed by global gold prices, as citizens await price trends before making purchasing decisions, at a time when geopolitical developments and ambiguity regarding interest rates continue to affect market trends.

Globally, Allan explained that gold prices are at $4,165 per ounce, amid a state of uncertainty associated with geopolitical developments, tensions in the region, along with the continuation of the Russian-Ukrainian war.

Allan explained that developments related to the Straits of Hormuz and Bab el-Mandeb, alongside escalating regional and international tensions, contribute to keeping gold markets in a state of anticipation, awaiting the clarification of the course of events and their economic ramifications.

He added that gold movements will remain linked to geopolitical developments and US monetary policy, in light of the continued state of ambiguity regarding the US Federal Reserve's trends concerning interest rates before the end of the current year, and the potential repercussions of its decisions on the yellow metal.

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

He stressed the necessity of buying from licensed commercial shops, and obtaining an official, stamped invoice to protect consumer rights and guarantee 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 gold smithing and jewelry design, providing nearly 10,000 job opportunities.