Gold Declines Globally – Details - Jordan News
Palladium dropped 1.7% to $1,225.44, according to Reuters.
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15 hours ago
- Jordan News
Amman Chamber of Industry Exports Reach JOD 4.207 Billion in Seven Months - Jordan News
The Amman Chamber of Industry (ACI) recorded a 14.9% increase in its exports during the first seven months of 2025, signaling a continued upward trend since the beginning of the year. اضافة اعلان According to statistical data obtained by the Jordan News Agency (Petra), the Chamber's exports—based on certificates of origin issued—rose to JOD 4.207 billion, compared to JOD 3.660 billion during the same period in 2024. Sector Performance Eight industrial sub-sectors saw export growth ranging between: 2.5% for pharmaceuticals and medical supplies, and 78% for construction materials. Conversely, exports of: wood and furniture dropped by 8.2%, and packaging, paper, cardboard, and office supplies fell by 7.6%. Top Export Destinations Four countries—India, the United States, Saudi Arabia, and Iraq—accounted for over half of ACI's total exports during this period, with a combined value of JOD 2.421 billion. Country-specific data: India: Exports rose 41.6% to reach JOD 700 million, up from JOD 494 million, making it the top export destination. Saudi Arabia: Increased 8.3% to JOD 492 million, compared to JOD 454 million. Iraq: Grew 1.9% to JOD 535 million, up from JOD 524 million. United States: Declined 9.5% to JOD 694 million, down from JOD 767 million. Other notable growth: Syria: Jumped 363.7%, reaching JOD 181 million vs. JOD 39 million in 2024. Palestine: Rose 9% to JOD 94 million, compared to JOD 86 million. Geographic Distribution Exports by region for the first seven months of 2025: Arab countries: JOD 2 billion Non-Arab Asian countries: JOD 935 million North America: JOD 723 million EU countries: JOD 252 million Non-EU European countries: JOD 135 million African countries: JOD 87 million South America: JOD 37 million Other countries: JOD 32 million Exports by Industrial Sector Breakdown of exports during the 7-month period: Mining industries: JOD 1.024 billion Chemicals & cosmetics: JOD 745 million Engineering, electrical, and IT: JOD 624 million Food, agriculture, and livestock: JOD 567 million Pharmaceuticals & medical supplies: JOD 413 million Leather & garments: JOD 369 million Plastics & rubber: JOD 184 million Packaging & office supplies: JOD 148 million Construction materials: JOD 122 million Wood & furniture: JOD 11 million About the Chamber Founded in 1962, the Amman Chamber of Industry currently includes 8,600 industrial establishments. These companies employ approximately 159,000 workers and operate with a total capital of around JOD 5 billion.
Jordan News
20 hours ago
- Jordan News
Oil Prices Rebound on Trump's Threats to Buyers of Russian Crude - Jordan News
Oil Prices Rebound on Trump's Threats to Buyers of Russian Crude Oil prices rose on Wednesday, recovering from a five-week low recorded the previous day, amid supply disruption fears following U.S. President Donald Trump's threats to impose tariffs on India over its purchases of Russian crude oil. اضافة اعلان By 03:30 GMT, Brent crude futures were up by 43 cents (0.6%) to $68.07 per barrel, while U.S. West Texas Intermediate (WTI) rose 40 cents (0.6%) to $65.56 per barrel. Market Uncertainty Over U.S. Sanctions Commodity strategists at ING stated last Thursday: "There's still a lot of uncertainty around whether the U.S. will implement secondary sanctions on buyers of Russian oil... and growing chatter in the market suggests attention could shift toward China's Russian oil imports." They added that if India halts its purchases due to tariff threats, "The market could absorb the loss of that supply," but warned that the bigger risk would be if other buyers also begin to shun Russian crude. Investor Sentiment and India's Role Yuki Takashima, economist at Nomura Securities, commented: 'Investors are assessing whether India will reduce its Russian crude imports in response to Trump's threats, which could tighten supply. However, it remains to be seen if that will actually happen.' He added: 'If India's imports remain stable, WTI is likely to stay within the $60–$70 range for the rest of the month.' OPEC+ Production Boost On Sunday, OPEC and its allies (OPEC+) agreed to increase oil output by 547,000 barrels per day for September, a move that will end the latest round of production cuts earlier than planned. OPEC+ produces about half of the world's oil and has cut output for several years to support the market, but this year has seen a series of rapid production increases. U.S. Pressure on India and Supply Risks The U.S. is pressing India to halt Russian oil imports as Washington seeks leverage to pressure Moscow into a peace deal with Ukraine. Such moves may disrupt global supply flows as Indian refiners seek alternatives, and Russian crude gets redirected to new buyers. On Tuesday, Trump again threatened higher tariffs on Indian goods over its oil trade with Russia, saying the move could come within 24 hours. He also suggested that lower energy prices could pressure Russian President Vladimir Putin to end the war in Ukraine. India Responds to Tariff Threats New Delhi called Trump's threats 'unwarranted' and vowed to protect its economic interests, further intensifying the trade dispute between the two countries. U.S. Oil Inventory Data Supportive Takashima of Nomura noted that U.S. oil inventory data—from the world's largest oil consumer—provided support for oil prices. According to figures from the American Petroleum Institute (API) cited on Tuesday, U.S. crude oil inventories fell by 4.2 million barrels last week. This is a much larger drop than the 600,000-barrel decline expected in a Reuters poll for the week ending August 1. The U.S. Energy Information Administration (EIA) is scheduled to release its official weekly inventory data on Wednesday.
Jordan News
20 hours ago
- Jordan News
Gold Declines Gradually as Dollar Rises Amid Anticipation of Fed Appointments - Jordan News
Gold Declines Gradually Gold prices fell on Wednesday due to a slight uptick in the U.S. dollar, as investors refrained from making major bets ahead of U.S. President Donald Trump's expected announcement regarding appointments to the Federal Reserve Board. اضافة اعلان Spot gold dropped by 0.2% to $3,374.72 per ounce as of 04:42 GMT, after hitting a nearly two-week high on Tuesday. U.S. gold futures also edged down by 0.1% to $3,429.80. The dollar rebounded from its lowest level in a week, reached in the previous session, reducing gold's appeal for holders of other currencies. Analyst Commentary Ilya Spivak, Head of Global Macroeconomics at TastyLive, stated: "Gold is caught between conflicting pressures. Falling yields have been supportive, but the U.S. dollar has held up well despite Friday's heavy sell-off. That's resulted in the current range we're seeing, as prices await more conviction from various drivers." Trump's Upcoming Fed Decisions On Tuesday, President Trump said he would soon announce a short-term replacement for Federal Reserve Governor Adriana Kugler, who resigned on Friday. He also indicated that he has made a decision regarding the next Chair of the Federal Reserve. Rate Cut Expectations Rise The CME's FedWatch Tool now puts the probability of a rate cut in September at around 87%, following Friday's weaker-than-expected employment growth data. That report was followed by Trump's dismissal of the Commissioner of the U.S. Bureau of Labor Statistics (BLS). Trade Tensions with India On the trade front, Trump once again threatened to raise tariffs on imports from India due to its continued purchases of Russian oil. India responded by calling his criticism 'unwarranted', pledging to protect its economic interests, thereby deepening trade tensions between the two countries. Perth Mint Sales Drop Sharply Meanwhile, Perth Mint reported that its gold product sales dropped 33% in July compared to the previous month. Silver sales also fell to their lowest level in six months, according to a statement released Wednesday. Other Precious Metals Spot silver remained unchanged at $37.82 per ounce. Platinum fell by 0.5% to $1,314.76. Palladium declined by 0.6% to $1,168.42.
