Thursday, April 25th 04:43 PM IST

Price plunge boosts Jordan Gold sales to new record

# Jordan gold  # gold plunge  # gold price  

Jordanians have bought almost one tonne of gold worth $70 million so far this month, expecting the strong demand for the precious metal to continue during the year.

AMMAN(BullionStreet): Recent gold plunge helped Jordan gold sales to hit the strongest level in ten years, according to Jordan Jewellers Association.

Association said Jordanians have bought almost one tonne of gold worth $70 million so far this month, expecting the strong demand for the precious metal to continue during the year.

Jordan Jewellers Association predicted gold sales this year to be threefold higher than last year, when Jordanians bought over five tonnes of the metal.

Analysts said gold importers in Jordan have recently increased their orders in a bid to meet the surge in demand.

Meanwhile, price of 24-karat gold on Wednesday was $46 per gramme on the local market, while 21-karat gold was priced at $40 per gramme, and 18-karat gold was worth $34 per gramme.

Global gold prices have fallen to the lowest level in two years over the past weeks amid fears that cash-strapped countries in the eurozone would need to sell off their reserves, as Cyprus is expected to do so, to raise 400 million euros.

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