Complex Made Simple

Central Bank of Jordan’s gold reserves exceed JOD1bn

Gold prices tumbled in August this year to reach $1,086 per ounce

The value of gold ounces held by the Central Bank of Jordan rose during the first eight months of this year by JOD546.7 million (roughly 103 per cent) according to figures released by the bank.

The value of these ounces reached JOD1.074 billion at the end of August, compared with JOD528m by the end of last year, Jordan-based Alghad Newspaper reports.

By the end of last August, the number of gold ounces at the Central Bank of Jordan reached more than 1.336m ounces compared with approximately 620,000 ounces by the end of 2014, an increase of 115 per cent.
The price of a gold ounce in international markets reached $1,136.4 per ounce on October 4.

Prices increased by more than two per cent by the end of last week’s transactions after the release of the US employment data, which was weaker than expected.

It is worth mentioning that gold prices tumbled in August this year to reach $1,086 per ounce, after statements about the possibility of raising US interest rates.

(JOD1 = AED5.18, at the time of publishing)