(MENAFN - Jordan Times) Jordanians' gold purchases are expected to reach six tonnes by the end of this year, surpassing recent years, according to the Jordan Jewellers Association.
Rebhy Allan, the association's secretary, told The Jordan Times on Wednesday that although gold prices continue to rise both locally and in international markets, Jordanians are still purchasing the precious metal as a safe investment to cushion themselves against global and domestic economic instability.
Regional turmoil is also an important factor pushing many Jordanian buyers to snap up gold, Allan noted.
The volume of gold purchases for this year is set to be higher than in the past few years, when they stood at four to five tonnes on average, the jeweller highlighted.
"Jordanians are aware that gold is the safest haven in light of the current global and regional conditions," he said, mentioning that many Jordanian investors are buying gold because they expect the price to continue rising.
Indicating that over four tonnes of gold have been sold in the domestic markets since the beginning of the year, he expected demand for the metal to pick up in the months to come.
The July-August period represented a peak in demand for gold, he said, due to its being a popular season for weddings and the time when Jordanian expatriates usually return to spend their holidays in the country.
On Wednesday, Allan said, the price of 24-karat gold stood at JD39.8 per gramme in the local market, while 21-karat gold was priced at JD35.2 per gramme and 18-karat gold was worth JD29.9 per gramme.
The international gold price was 1,745 per ounce on Wednesday, compared with 1,730 on Tuesday.
"Gold will remain volatile as long as global economic uncertainty continues," Allan added.