Demand for gold rises ahead of Eid, wedding season

AMMAN — Demand for gold  increased during the last four days of Ramadan with the wedding and gift season nearing, a sector insider said Sunday. 

Osama Imseeh, president of the Jordan Jewellers Association, said that after considerable slowdown, the gold market has begun to see more customers buying the precious metal. 

“All because it is now the wedding season and Eid Al Fitr, the time to buy gifts,” Imseeh told the The Jordan Times. 

He added the July-September period represents a peak in demand for gold in Jordan due to being a popular season for weddings and the time when Jordanian expatriates usually return to spend their holidays in the country. 

Starting usually from October, demand for gold begins to slow down little by little, Imseeh said.

The precious metal is now sold at $1,308 per ounce, he noted. 

The price of 24-karat gold in the local market reached JD30.1 per gramme on Sunday, while 21-karat gold was priced at JD26.2 per gramme, and 18-karat gold at JD23.65 per gramme.

Demand for gold in 2013 in the local market surged sharply due to a drop in global prices, as many Jordanians sought safe haven in the yellow metal. 

According to sector insiders, Jordanians bought nearly 10 tonnes of gold last year, which is double the amount purchased in 2012.