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Ammon News - by Omar Obeidat/ Jordan Times

AMMAN –– Jordanians' demand for gold is unlikely to wane this summer, as the wedding season reaches its peak amid a in the precious metal’s prices, according to the jewellers association.

Demand for the yellow metal on the domestic market has been surging over the past months for saving and investment purposes, as gold prices in the global market dropped to a three-year low, Jordan Jewellers Association Secretary Rebhy Allan noted.

Demand also went up sharply during the past few weeks as many Jordanians were getting married before the fasting month of Ramadan, which is expected to start next week, Allan told The Jordan Times over the phone on Tuesday.

Describing sales as “very good”, the jeweller said he expected the "gold rush" to see a sharp increase during the 70 days between Eid Al Fitr (the Muslim feast marking the end of Ramadan) and Eid Al Adha, the feast marking the end of the pilgrimage season.

Allan explained that due to instability in neighbouring countries, many Arabs have come to Jordan to hold their wedding receptions in Amman, which also helped boost the demand for gold.

He noted that gold prices are currently at their lowest since 2009, adding that analysts expect prices to start recovering by the end of the year.

Gold was trading on Tuesday at around $1,260 (approximately JD892) an ounce, according to Allan, who said the price of 24-karat gold in the local market stood at JD29 per gramme, while 21-karat gold was priced at JD25.6 per gramme, and 18-karat gold at JD21.75 per gramme.

Asked if jewellers were struggling to meet the rising demand, he said that jewellery shops have not seen any shortages of the metal.

In April this year, international gold prices dropped to their lowest level in two years amid fears that cash-strapped countries in the eurozone would need to sell off their gold reserves.