Gold, often considered a symbol of wealth and prosperity, plays a crucial role in Jordan’s economic landscape. As of January 28, 2024, the gold market in Amman witnessed dynamic fluctuations, influencing both local and international investors. Let’s delve into the intricate details of gold prices, taxation, and the factors shaping this ever-evolving market.
Table of Contents
Sunday’s Gold Prices in Jordan
24-Karat Gold Takes Center Stage
On Sunday, January 28, 2024, Amman woke up to a gold market that set the tone for the week. The selling price for 24-karat gold opened at JOD 1,431.974 per ounce, excluding taxes and fees. This robust start hinted at potential shifts in the market dynamics, impacting investors and consumers alike.
Gram-by-Gram Breakdown
Breaking it down further, the price per gram for different karat categories showcased a varied landscape.
- 24-karat gold held its ground at JOD 46.039 per gram.
- 22-karat gold stood at JOD 42.202 per gram.
- 21-karat gold revealed a price of JOD 40.284 per gram.
- 18-karat gold entered the market at JOD 34.529 per gram.
- 14-karat gold presented an opening price of JOD 26.856 per gram.
These figures offered a comprehensive view, catering to the diverse preferences and budget considerations of gold enthusiasts in Jordan.
Navigating International and Local Dynamics
Global Scene: Gold’s Universal Language
Simultaneously, on the global stage, gold’s universal appeal manifested in an opening price of JOD 1,431.97 per ounce. It’s essential to note that international gold rates, as reported by goldprice.org, are subject to a 15% value-added tax (VAT) in KSA.
Jordan’s Tax and Fee Structure
Gold’s journey in Jordan isn’t just about market prices; it’s entwined with taxes and fees. Locally sourced gold faces a branding fee ranging from JOD 0.25 to JOD 0.4 per gram, exempt from additional taxation. However, imported gold tells a different story, subject to a JOD 0.7 branding fee per gram. The taxation varies based on the source, with exemptions for gold imported from the Arab League area and a 10% tax on gold from non-Free Trade Agreement (FTA) countries.
Monday’s Market Evolution
Gold Prices Rise
As Monday, January 29, 2024, unfolded, the gold market in Jordan witnessed a nuanced evolution. Prices experienced a subtle surge, with an increase of 20 piasters. The General Syndicate of Owners of Trade and Jewelry Shops reported noteworthy changes in the purchase and selling prices for different karats.
- The purchase price for one gram of 21-carat gold reached JD 41.2, while the selling price stood at JD 39.5.
- For 24-carat gold, the purchase and selling prices held steady at JD 48.4 and JD 45.6, respectively.
- 18-carat gold maintained its relative stability, with purchase and selling prices at JD 36.7 and JD 33.7.
The market dynamics on Monday hinted at the delicate balance between supply, demand, and external factors influencing gold prices in Jordan.
Ottoman and English Lira in Focus
Beyond gold, the market also observed fluctuations in the selling prices of currencies. The Ottoman lira traded at approximately JOD 289, while the English lira hovered around JOD 330.
Looking Ahead
As gold prices continue to unfold in Amman, the market’s resilience and responsiveness to global and local factors become evident. Investors, traders, and everyday consumers navigate this intricate landscape, weighing the allure of gold against the practicalities of taxation and fees.
Jordan’s foray into gold as a commodity involves a delicate dance between tradition and modern economic realities. The market’s response to international trends, coupled with local taxation nuances, adds layers to the narrative of gold in Amman.
Whether viewed as a store of value, a symbol of luxury, or a strategic investment, gold’s journey in Jordan mirrors the country’s broader economic story. As we monitor the ever-changing prices, taxes, and market dynamics, the role of gold in Amman remains a fascinating exploration into the intersection of tradition and commerce.
