Demand for gold in Jordan loses sparkle amid rising prices

Demand for gold in Jordan loses sparkle amid rising prices

AMMAN — The end of the year has been marked by a notable decrease in the local demand for gold due to rising prices and other economic factors, according to stakeholders.

Husam Addin, a jeweller in Amman’s gold souk, said that the market has been “tough” since the outbreak of the COVID-19 pandemic, with only short, temporary periods of demand throughout the year.

“Before the pandemic, I used to sell at least JD20 to JD50 worth of jewellery per day. Now I sometimes go for five days without making one sale,” he told The Jordan Times.

Husam Addin views the tough economic situation as the main reason behind the low purchasing power.

“People are struggling to make ends meet, which leaves no room for such non-essential items,” he said.

Mohammad Abu Sarah, an employee at a local jewellery shop, said that although it’s normal for year-end gold demand to be low, this December’s sales are weaker than usual.

Gold demand reaches its peak during the summer, which marks the return of expatriates, who “have a higher purchasing power than local customers”, he told The Jordan Times.

Bayan Bayya, an accountant at a jewellery shop in Amman, said that winter is a very stagnant period for the gold