Demand for gold drops drastically — Jordan Jewellers Association

AMMAN — This year local demand for gold fell by 80 per cent compared with last year and the volume sold is estimated at around JD14 million, Jordan Jewellers Association’s Secretary General Ribhy Allan told The Jordan Times on Thursday.

“The world is going through several crises and the ongoing pandemic is one of them, therefore Jordan and all nations have been significantly affected,” Allan expressed.

Currently the primary drivers affecting the price of gold hitting a record high are the COVID-19 crisis and US presidential election in November, Allan further said.

This year, central banks, provident and investment funds, as well as major powers have gone on a gold buying spree as the pandemic deepened globally, according to Allan.

Meanwhile, President of the Centre for Defending Freedom of Journalists (CDFJ) Nidal Mansour tweeted: “ People may be selling their gold given that gold prices have surged, but more importantly they are going through tough times and are left stranded.”

Sara Hussein, 33, told The Jordan Times over the phone on Thursday that gold has been always viewed as a safe haven during crises and downturns, therefore whenever she had the chance she bought gold dinars, adding “gold has always had great value and has always glittered in times of crises”.