The price of 21-karat gold in Jordan’s local market fell by JD2.5 per gram on Monday, according to the latest pricing issued by the General Syndicate of Owners of Trade and Jewelry Shops.
اضافة اعلان
The price of 21-karat gold, the most sought-after grade in the local market, stood at JD84.5 per gram for sales at jewelry shops and JD80.7 for purchases. Meanwhile, 24-karat gold was priced at around JD97 per gram, while 18-karat gold reached approximately JD74.90.
Globally, gold prices fell more than 2% on Monday as oil prices climbed and renewed inflation concerns strengthened expectations that U.S. interest rates could remain elevated or be raised again.
By 06:27 GMT, spot gold had fallen 2.7% to $4,171.85 an ounce, its lowest level since early August. U.S. gold futures also declined 2.7% to $4,204.30 an ounce.
Tim Waterer, chief market analyst at KCM Trade, said rising bond yields alongside higher oil prices were putting pressure on gold as inflation remained a key concern for investors.
Oil prices rose amid mixed signals over crude supplies, while supply concerns persisted following U.S. President Donald Trump’s rejection of an Iranian proposal to reopen the Strait of Hormuz and halt the fighting.
The U.S. Federal Reserve earlier this month raised interest rates by a quarter percentage point to a range of 3.75% to 4%.
According to CME Group’s FedWatch Tool, traders currently estimate a 66% probability of another U.S. rate hike in October.
Higher energy prices increase production costs, potentially pushing inflation higher. Although gold is often used as a hedge against inflation, higher interest rates increase the opportunity cost of holding the non-yielding asset.
Investors are awaiting a series of U.S. economic indicators this week, including job openings, ADP employment data, the Personal Consumption Expenditures (PCE) price index and nonfarm payrolls.
Waterer said stronger-than-expected inflation or employment data could push bond yields higher and increase pressure on gold.
In other precious metals, spot silver fell 4.3% to $61.51 an ounce, platinum declined 2.8% to $1,728.43, while palladium dropped 3.1% to $1,227.67.
