AMMAN, Sept. 29 (Xinhua) -- Soaring gold prices are reshaping how Jordanians view the precious metal, forcing difficult choices in social traditions while strengthening its role as a safe investment, according to industry experts and residents.
Since the start of this year, the spot price of gold has reached a record high of 3,831 dollars per ounce as of Monday, up 45 percent. Economic expert Hussam Aysh told Xinhua that high gold prices create both burdens and opportunities.
"For marriage, gold is part of the social system, but high costs force people either to postpone purchases or to take on heavy burdens," Aysh said. "In this sense, Jordanians are victims of rising gold prices, much as they were of higher interest rates from 2022 to 2024."
Meanwhile, "those with suitable resources can benefit from the trend," treating gold as a profitable asset, he noted.
At the national level, Aysh said the Central Bank of Jordan holds about 73 tons of gold, using it to "diversify and support its reserves" and boosting the country's foreign assets to nearly 23 billion U.S. dollars.
Rabhi Allan, president of the Jordanian Jewellers Association, observed a clear shift in buying patterns this year.
"People now trust gold to preserve their savings," Allan told Xinhua, noting that while investment-driven purchases grow, social buying has declined in volume.
"At weddings the dowry amount may be unchanged, but the quantity of gold bought has fallen. Those who used to buy 100 grams two years ago now often buy 50 grams for the same cost," Allan explained.
Still, he said that "no matter how high the price, people will keep buying it, for saving, for security, and for tradition."
For ordinary Jordanians, gold retains deep cultural and financial significance.
"My mother gave me gold on several birthdays. It became part of every milestone," Jordanian woman Maha Riyad told Xinhua.
"My dream vanished when I saw the soaring prices," said Riyad, recalling how her 7,000-dollar dowry could barely cover four gold items.
Rola Tyseer, another Jordanian, highlighted gold's role as a safety net: "My aunt once bought a house by selling her gold. It is a lifeline."
Yet, she voiced concern for younger generations facing stagnant wages and rising costs. "Salaries are almost the same as 20 years ago, but prices have soared," she lamented.
Despite economic pressures, social expectations continue to drive demand for gold. "When I become a bride, I can't imagine wearing anything less than 21-carat gold," said Lamar Amjad. "Otherwise, people would talk and pity me." ■
