Rising gold prices in Jordan impact wedding traditions

The sharp rise in gold prices in Jordan has significantly affected young couples preparing for marriage, turning what is traditionally a key part of wedding customs into a heavy financial burden.

In response, many are seeking alternative ways to cut down on wedding costs, such as reducing the amount of gold required or adjusting certain marriage customs.

According to the head of the General Syndicate of Owners of Trade and Jewelry Shops, Rbhi Allan, gold prices have reached historic highs both locally and globally due to various political developments, including the situation in Lebanon, the war in Gaza, and the US Federal Reserve’s decision to lower interest rates. These factors have driven gold prices up, contrary to trends in oil and currencies.

Allan noted that demand for gold is low due to its high price, with people now considering it more of a saving commodity. He also mentioned that as schools and universities reopen, the wedding season has ended, further weakening the demand for gold.

Gold prices have hit record levels, with 21-carat gold selling at JD 54 per gram and buying at JD 52. For 24-carat gold, the selling price is JD 62 and the buying price is JD 59.6. Meanwhile, 18-carat gold is being sold for JD 48 and bought for JD 44.5 per gram.

The price of the local Rasadi lira is JD 377, while the English lira sells for JD 430, according to Allan.

Jordan is home to approximately 1,200 jewelry shops across the country.