Current political developments impact gold prices Gold 21-carat reaches 103.6 Jordanian dinars for sale

Amid global political and economic uncertainties, and with clear fluctuations in the markets between highs and lows, local gold prices recorded a significant increase on Wednesday compared to yesterday’s rates, according to the bulletin issued by the General Association of Jewelers and Goldsmiths.

According to the official rates, the sale price of 21-carat gold — the most traded in the local market — reached 103.6 dinars per gram for retail sale from jewelry shops, compared to 98.8 dinars for purchase, marking an increase of approximately 2.9 dinars compared to Tuesday’s rates, when the selling price was 100.70 dinars and the buying price 96 dinars.

The association’s bulletin also showed that other gold carats rose, with the 24-carat gold selling at around 118.7 dinars compared to 115 dinars yesterday, 18-carat gold reaching 91.9 dinars versus 89.40 dinars, and 14-carat gold rising to 71.8 dinars compared to 69.60 dinars previously.

This local increase was influenced by the global jump in gold prices during Tuesday’s trading, as gold and silver rose by more than 2%, following a sharp sell-off in the markets, triggered by Kevin Warsh’s nomination for the next chair of the U.S. Federal Reserve and the CME Group’s decision to raise margin requirements.

Globally, gold in spot trading rose by 2.2% to reach $4,767.33 per ounce (OZ) by 03:18 GMT, after having hit its lowest level in nearly a month in the previous session. The precious metal had recorded a record level of $5,594.82 per ounce last Thursday.

U.S. gold futures for April delivery also rose by 3% to reach $4,791.10 per ounce, reflecting the ongoing high volatility in global markets, under the influence of rapidly evolving political and financial developments.