AMMAN — The local gold market witnessed sharp volatility over the weekend, as steep fluctuations in global prices triggered confusion and uncertainty among traders and consumers.

 

The disruption was most evident on Saturday, following a sharp drop in international gold prices late on Friday.

 

President of the Jewellery and Goldsmiths Syndicate Ribhi Allan told The Jordan Times that the local market experienced a state of confusion and instability in pricing, driven primarily by rapid movements in global financial markets.

 

He said the syndicate sought to issue prices that reflected market realities as closely as possible, in an effort to maintain transparency in buying and selling amid exceptional volatility.

 

Global gold prices fell sharply on Friday by around $600 per ounce, closing at $4,865. Allan attributed the sudden drop to a combination of fast-moving political developments, large-scale profit-taking in the gold market and the appointment of a new chair of the US Federal Reserve.

 

He added that both gold and silver recorded substantial losses, with declines exceeding 10 per cent and 15 per cent respectively, further intensifying uncertainty in the local market.

 

According to Allan, speculation over potential price movements at the start of the coming week also fuelled confusion, particularly as international markets remain closed on Sunday and Monday, limiting price signals for local traders.

 

Under the official pricing issued on Saturday, the selling price of 21-carat gold stood at around JD100.5 per gram, while the buying price reached JD94.6 per gram. Prices for 24-carat, 18-carat and 14-carat gold were recorded at JD114.4, JD88.9 and JD69.6 per gram, respectively.

 

Local gold trader Saed Subhi said the sudden shifts prompted many customers to postpone purchasing decisions.

 

“Buyers were hesitant to enter the market amid fears of further declines, while sellers rushed to offload holdings in anticipation of continued volatility,” he said.

 

Economist Lina Karim said the current instability reflects broader uncertainty in global financial systems.

 

She noted that precious metals are increasingly sensitive to political signals and monetary policy changes, urging consumers to avoid short-term speculation and approach the market with caution until price trends stabilise.

 

The syndicate advised both traders and consumers to closely monitor developments, warning that further fluctuations remain possible in the days ahead.