Jordanian's Gold purchase to reach 6 tons in 2012

AMMAN(Scrap Monster):Gold purchases of Jordanian are expected to reach six tons by the end of this year, says Jordan Jewellers Association.

In the past few years the purchase stood at four to five tons on average but the volume of gold purchases for this year is set to be higher than previous years.

As a safe investment to cushion themselves against global and domestic economic instability, Jordanians are still purchasing the yellow metal even though gold prices continue to rise both locally and in international markets, said Rebhy Allan, Secretary of Jordan Jewellers Association.

Another important factor pushing Jordanian buyers to snap up gold is the regional turmoil. Many Jordanian investors are buying gold because they expect the price to continue rising.

In the domestic markets over four tons of gold have been sold since the beginning of the year and the demand is expected to pick up in the coming months.

Being a popular season for weddings and the time when Jordanian expatriates usually return to spend their holidays in the country the July-August period represented a peak in demand for gold.