The price of 21-karat gold in Jordan's local market fell by JD 1.10 on Saturday, reaching JD 83 per gram for sale at jewellery shops and JD 79.60 for buying, according to the daily pricing bulletin issued by the General Association of Owners of Jewellery and Goldsmith Shops.
اضافة اعلان
Under the latest pricing, 24-karat gold stood at JD 95.30 per gram, while 18-karat gold reached JD 73.50.
The local decline followed a drop in international gold prices during Friday's trading, as a stronger US dollar and rising US Treasury yields put pressure on the precious metal. Stronger-than-expected US employment data reinforced expectations that interest rates would remain elevated for longer.
Spot gold fell 0.3% to $4,047.36 per ounce by 18:54 GMT, after touching $4,033.29 during the session. US gold futures for December delivery declined 0.9% to $4,074.90 per ounce.
Meanwhile, the US dollar rose 0.7% to its highest level since October 29, while yields on 10-year US Treasury bonds also increased. This made dollar-denominated gold more expensive for investors holding other currencies and reduced its appeal compared with assets offering returns.
The pressure on gold followed data showing that US nonfarm payrolls increased by more than expected in October, while the unemployment rate fell to 4.1%. The figures pointed to continued strength in the labour market, giving the Federal Reserve room to maintain interest rates at elevated levels.
Higher interest rates tend to weigh on gold's appeal because the precious metal does not generate income, increasing the opportunity cost of holding it compared with interest-bearing assets.
Despite Friday's decline, spot gold gained 5.2% over the week, putting it on track for its strongest weekly performance since late August.
In other precious metals markets, silver rose 0.8% to $52.18 per ounce, while platinum gained 1.6% to $1,541.42. Palladium, meanwhile, fell 0.6% to $1,024.59 per ounce.
