Ammon News - President of the General Syndicate of Owners of Trade and Jewelry Shops Rebhi Allan, said that gold trading activity has weakened significantly in the local market.

Allan noted that both demand and supply have declined in recent days as citizens prepare for the holy month of Ramadan, adding that the first half of Ramadan typically sees reduced consumer interest, as families focus on preparations and financial commitments associated with the month.

Speaking to Al Rai newspaper, Allan indicated that the local market closed at $5,042 per ounce at the end of last week, reflecting global price movements that remain in a cautious holding pattern.

Globally, gold prices recorded noticeable declines last Thursday due to profit-taking, alongside political developments involving Iran and the United States. Reports suggesting the possibility of a political agreement between the two countries contributed to shifts in trading momentum and investor sentiment.