Mixed reactions to falling gold prices as volatility hits market

AMMAN — Gold prices in Jordan witnessed a decline on Tuesday, with the selling price of 21-karat gold, the most popular choice among consumers, falling by 30 piasters compared with Monday’s rates, according to the daily pricing bulletin from the General Syndicate of Owners of Jewelry Shops.

The syndicate said that the price of 21-karat gold now stands at JD53.30 per gramme for retail sales and JD51.30 per gramme for purchasing from the public.  

The prices for 24-karat and 18-karat gold also dropped to JD61.50 and JD47.30 per gramme, respectively. 

The decline mirrors global market trends, where gold prices are facing pressure amid growing expectations of U.S. interest rate hikes, which typically reduce the appeal of non-yielding assets like gold.

The local market's response reflects broader economic dynamics, as gold remains a key asset for both investment and cultural purposes in Jordan, especially during times of financial uncertainty.

The recent drop in gold prices has sparked varied reactions. While traders and investors view the decrease as a reflection of global economic conditions, everyday consumers are more focused on its personal impact.

Suad Fadda, a regular buyer of gold liras, told The Jordan Times, “It’s a relief to see prices fall slightly, but it won’t ease the financial pressures people are facing.”

Jewellers, however, have mixed views. Sami Malak, a jeweller, said, “Lower prices may attract more customers, but the constantly fluctuating prices and market volatility make it challenging to plan inventory.”

Adnan Tawfiq, another jeweller, highlighted the broader implications of such price changes, noting “We must strike a balance between offering competitive prices to customers while avoiding further losses.”  

“With the volatility, we always have to be cautious,” he added.