Gold price rises as safe-haven demand increases

With the start of the holy month of Ramadan, gold markets in Jordan witnessed a noticeable rise in prices amid strong public interest.

The selling price of a gram of 21-carat gold reached 101.6 Jordanian Dinars on Thursday at jewelry shops, compared to 96.6 Dinars for buying, according to the General Syndicate of Jewelers and Goldsmiths.

Prices for other gold carats were: 116.5 Dinars for 24-carat, 90.5 Dinars for 18-carat, and 70.7 Dinars for 14-carat, for selling purposes at jewelry shops.

The price hike follows a more than 2% increase the previous day, influenced by ongoing geopolitical tensions between the United States and Iran, boosting gold's appeal as a safe haven.

Investors are also closely monitoring the U.S. Federal Reserve’s monetary policy, amid mixed signals about raising or lowering interest rates.

Globally, spot gold rose 0.5% to $5,004.47 per ounce, while U.S. April futures climbed 0.3% to $5,025.10. Silver increased 1.5% to $78.36, platinum rose to $2,084.71, and palladium reached $1,722.94 per ounce.

Gold and other precious metals remain tied to global economic conditions, often serving as a safe haven during interest rate fluctuations and market volatility, making them essential for investors and consumers alike during Ramadan.