‘Gold traders eyeing lucrative wedding season’

AMMAN — The “low” prices of gold are giving traders high hopes, expecting a rise in demand that has not been witnessed in the past decade, according to the Jordan Jewellers Association.

The low prices of gold and the wedding “season” after Ramadan promise a “very busy gold market this year”, the association’s secretary, Rebhy Allan said Thursday.

“Jordanian expatriates and even Arabs flock to Jordan during the summer to hold their weddings due to the safety they sense here,” he told The Jordan Times.

Allan reiterated that the peak of the season will be in the period between Eid Al Fitr, the Muslim feast marking the end of Ramadan, and Eid Al Adha, the feast marking the end of the pilgrimage season.

Noting that sales of gold stood at JD20 million during July last year, he expects the figure to soar “remarkably” this year.

On Thursday, the global price of gold stood at $1,160 per ounce, according to the association.

In the local market, 24-karat gold was priced at JD26.7 per gramme, 21-karat gold at JD23.7, and 18-karat gold at JD20 per gramme, Allan said.

The price of a Rashadi lira, weighing seven grammes, stood at JD173, while an English lira, which weighs eight grammes, is worth JD196.

“The prices are expected to drop again prior to Eid Al Fitr,” Allan noted.

The prices of gold increased significantly between 2008 and 2011 and affected the market negatively, but have been going down since then, according to the association.

There are some 750 jewellery stores across the Kingdom.