Jewelry stores in Jordan have turned into centers to buy gold instead of selling it, with a percentage of Jordanians selling it, to take advantage of its high prices that lasted until the middle of this week.

Gold dealers said that the historical prices of the yellow metal have opened the door to intensive sales in Jordan, by citizens, whether it is for jewelry or investment savings.

Last Friday, gold prices rose to unprecedented historical levels at an average of $ 2072 an ounce (an ounce), before retreating later, with the price of gold remaining in the form of gold coins, up.

Osama Amseh, the head of jewelry and jewelry merchants, said that the demand for gold shops by citizens for sale has been remarkable since the rise in gold prices globally during the last period, and its reflection on the increase in these prices locally.

Imseeh pointed out that the sales movement was active recently, whether it was on jewelry and personal jewelry to take advantage of the price difference in them, in addition to selling savings in pounds and ounces as an investment.

At the same time, he said that these prices did not prevent many investors in this field from diversifying their portfolios by purchasing other quantities of lira and bullion, noting that the local market did not absorb the recent decline in international prices.

Gold trader Rabhi Allan: Demand to buy has declined in the market in general by 80% since the beginning of the year (Reuters)

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The rise in global gold prices this month comes with the peak of the season for social events in Jordan and the Arab region, which prompted families to postpone buying jewelry until the prices drop to acceptable levels.

The union official indicated that the volume of investment in the sector inside the Kingdom is estimated at 200 million dinars (282 million dollars), and that the number of merchants in it is approximately 700.

For his part, the gold trader and secretary of the union, Rabhi Allan, said that the demand for purchase in the market in general has decreased by 80% since the beginning of the year, for several reasons, the most important of which is the high prices.

Allan explained that the purchase has declined for several reasons, most notably the impact of the Corona pandemic and its repercussions on economic capacity locally, as well as on the season of occasions and weddings in particular, after the wedding halls were closed and its price increased.

In addition, the trader Ayman Ayyad said that the ratio of buying to selling savings in the Kingdom is estimated at 5%, "which now affects merchants and reduces the liquidity of some of them."

And that the start of the global price decline, it is prompting many to sell in anticipation of the significant drop in current prices, and the loss of the opportunity to make a profitable profit from the price difference.

According to the Jordanian Jewelery and Jewelry Syndicate, the price of a gram of 24 carat gold, on Wednesday, was about 43.57 dinars (61.43 dollars), and 21 karat, about 38.13 dinars (53.76 dollars).