High gold prices weaken demand – Al-Ghad newspaper

High gold prices weaken demand – Al-Ghad newspaper
High gold prices weaken demand – Al-Ghad newspaper

Muhammad Abu Al-Ghanem

AMMAN – Demand for buying gold is still weak in the local market due to the stability of its prices within high levels, according to the Secretary of the Jewelery Merchants Syndicate, Salim Al-Dheeb.
Al-Dheeb told Al-Ghad: “The price of an ounce reached 1976 dollars in today’s transactions, which led to a slight decline of 20 piasters.”
Al-Dheeb confirmed that there is anticipation of gold prices until the end of this month, and said: “The Jordanian citizen has become a good observer and follows gold prices closely.”
Al-Dheeb added, “The demand for gold is currently approaching its season, as the summer approaches, in which social events and weddings abound, in addition to the return of expatriates to the Kingdom.”
The precious metal is witnessing remarkable stability on the rise since the beginning of last month, as the price of a gram of 21 carat gold, which is the most demanded by citizens, hovers around the level of 40 dinars, which did not decline below this price.
It is noteworthy that supply levels have improved since the beginning of this month, by 20%, after citizens offered their gold savings, with the stability of its prices within its high levels.
Regarding prices, the price of selling a gram of 21 carat gold to citizens was about 40.4 dinars, and the price of buying it from citizens was 38.7 dinars. It was sold for 33 dinars, and the selling price of the English pound, which weighs 8 grams, was about 325 dinars, and the selling price of the Rashadi pound, which weighed 7 grams, was about 285 dinars.
According to international reports, gold prices moved slightly yesterday, after the dollar’s rise and increased optimism about talks to raise the US debt ceiling weakened the yellow metal’s attractiveness as a safe haven.
The spot gold price remained unchanged at $1979.76 an ounce.
US gold futures fell 0.1% to $1,982.60.
The dollar index hovered near a seven-week high in the previous trading session, making gold more expensive for foreign investors.
Metals analyst at Marks Financial Services, Edward Meyer, said: “Gold may remain in a range ranging from 1965 to 2020 dollars during the next two weeks, but the general trend remains somewhat weak, as it is also likely that the growing optimism towards the debt ceiling crisis will lead to increased stress on the alloys”.
He added that many of the macroeconomic numbers in the United States came out stronger than expected, and this leads to perceptions that the Federal Reserve (the US central bank) will likely not stop raising interest rates in June.
“The specter of rising interest rates portends a negative reflection on gold,” he continued.
In terms of other precious metals, the price of silver declined in spot transactions
0.4% to $23.63 an ounce, and the platinum price fell 0.3% to $1065.08, while palladium rose 0.1% to $1488.21.

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