Jordan: Gold prices surge amid international tensions, inflation pressures
AMMAN — Gold is once again dominating international asset rankings, driven by rising geopolitical tensions and persistent inflationary pressures.
In Jordan, where gold is both an economic asset and a cultural symbol, the international surge is resonating across local markets, according to stakeholders.
As of June 16, 2025, the price of 24-carat gold in the Kingdom reached JD79.3 per gramme for selling and JD76.9 for buying, according to the General Syndicate for Owners of Jewellery. The most popular type among Jordanians, 21-carat gold, was priced at JD69.2 for selling and JD66.7 for buying.
Eighteen-carat gold recorded a selling price of JD61.4 and a buying price of JD56.9, while 14-carat gold stood at JD46.6 and JD42.0, respectively. Traders noted these figures reflect a steady upward trend in prices over the past month.
Jewellers across the Kingdom have also reported a shift in consumer behaviour. 'Some customers are buying now, fearing prices will climb further, but many remain cautious,' said Ahmed Ghannam, a gold merchant in Amman's Sweifieh market. He added that demand typically rises during the wedding season, but this year it has moderated amid uncertainty.
The ongoing escalation between Iran and Israel is among the key global developments driving the price increase, Ghannam noted. Military confrontations and fears of a regional spillover have injected volatility into international markets, spurring investors toward traditional safe havens.
'Gold prices tend to surge when political instability looms,' said economist Waseem Hussein. 'The Iranian–Israeli tensions have amplified fears of a broader regional conflict. In such times, gold becomes more than a commodity; it becomes a form of insurance.'
For local buyers, the moment presents a difficult choice. 'I'm afraid of missing out if prices go even higher,' said Amman resident Suad Jamal. 'But at the same time, gold prices are too high.'
With forecasts from banks like Goldman Sachs projecting gold prices to reach $3,700 per ounce by year's end, both economists and consumers are expected to keep a close eye on the gold market in the months ahead.
© Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Business
28 minutes ago
- Arabian Business
Saudi National Bank's $1.25bn dollar-denominated Sukuk oversubscribed
Saudi National Bank's (SNB) issuance of US$1.25 billion in dollar-denominated Tier 2 notes, at a profit rate of 6.00 per cent, has been heavily oversubscribed. Bloomberg reported that order books exceeded $2 billion, according to a person familiar with the matter, who asked not to be identified. The bank also informed Tadawul that it will redeem a SAR 4.2 billion (US$1.12 billion) Tier 1 capital sukuk at face value on June 30, five years after the date of issuance. Bloomberg added that the bond may be priced as soon as Tuesday, with proceeds set to be used in part to strengthen SNB's capital base. The bank is issuing 6,250 Sukuks at a par value of US$200,000. Maturity period of the Sukuk is 10 years, but callable after five years. The Notes will be listed on the London Stock Exchange's International Securities Market. Saudi banks have been increasing their external debts recently, but global ratings agency S&P said in a report last month that it did not translate into any 'significant vulnerabilities'. Lower oil prices and geopolitical disturbances in the region have raised concerns, but S&P said: 'While the absolute numbers may appear significant, we expect Saudi banks' net external debt position to remain at a manageable level of about 4.1 per cent of total lending by the end of 2028.' As for the redeemed bond of SAR4.2 billion, SNB informed Tadawul: 'The Sukuk was issued on 30 June 2020 for an aggregate value of SAR4,200,000,000 and in accordance with its terms and conditions, Saudi National Bank, as issuer, intends to call the Sukuk on 30 June 2025. Regulatory approval has already been obtained.' The bank stated that the redemption amount, together with any accrued but unpaid periodic distributions, will be paid on the specified day.
Arabian Business
28 minutes ago
- Arabian Business
US companies flock to Dubai as DMCC reports 7% surge in American business registrations
Dubai Multi Commodities Centre (DMCC) has reported a 7 per cent year-on-year increase in US company registrations, reinforcing its status as the leading international business district in the UAE and a key hub for American firms expanding into the Middle East, Asia, and Africa. Now home to more than 45 per cent of the estimated 1,500 American businesses operating in the UAE, DMCC has become the preferred launchpad for US firms seeking to access some of the world's fastest-growing markets. This uptick in American interest comes in the wake of US President Donald Trump's landmark visit to the UAE in May 2025. US firms in Dubai The visit resulted in $200bn in strategic trade agreements, covering sectors such as: Artificial intelligence Energy Defence Aviation Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: 'President Trump's recent visit to the UAE – part of the first official foreign visit of his second term – marks a new chapter in economic collaboration between the UAE and United States. 'With bilateral trade reaching $34.4bn in 2024, there is significant trade and investment momentum as well as appetite among American businesses to set up in Dubai and tap into global markets.' To capitalise on this momentum, DMCC hosted its Made For Trade Live series in New York City, Brooklyn, and Miami, engaging more than 150 US business leaders from sectors including tech, finance, commodities, and advanced manufacturing. These events are part of DMCC's long-term strategy to attract high-growth American companies to Dubai, positioning the emirate as a springboard into EMEA and South Asia. As of mid-2025, nearly 26,000 companies operate out of DMCC, including more than 700 from the United States. The district offers a full-service ecosystem for trade, innovation, and entrepreneurship — all within Dubai's free zone framework.
Arabian Business
30 minutes ago
- Arabian Business
Dubai real estate: Meraas awards $123m construction contract for Central Park Plaza
Dubai's Meraas has awarded a contract worth more than AED450m ($123m) to Naresco Contracting for construction works on the Central Park Plaza residential development. This latest addition to City Walk is slated to be handed over in Q3 2027. The project includes residential complex towers A and B, with 23 and 20 floors respectively, comprising 212 apartments. Central Park Plaza in Dubai Khalid Al Malik, CEO of Dubai Holding Real Estate, said: 'Central Park Plaza at City Walk is an ideal destination offering a new level of modern lifestyle in the heart of Dubai. This embodies our commitment to developing upscale destinations that prioritize community life and well-being.'
