Eid al-Fitr Raises the Rates of Buying Gold in Qatar
A number of gold traders confirmed in a poll conducted by the Qatari newspaper Al-Sharq that the market movement is experiencing crowding at the current stage, starting from the first days of Ramadan until the blessed Eid Al-Fitr, which is logical given that this period is considered one of the best seasons for selling gold in Qatar, for many facts The first of these is the desire to strengthen the bonds of bonding between family members through precious gifts, especially jewelry
The traders estimated the rate of increase in demand for the yellow metal in the last four weeks by about 30%, if compared to what was the situation in the past months, pointing to a partial decline in gold prices after their clear rise since the beginning of the crisis created by the spread of the emerging Coronavirus, and then the crisis Between Russia and Ukraine, and its stability in the past few days at 170 riyals per gram for 18-karat gold, 198 riyals for 21-karats, which was previously promoted at 207 riyals per gram, and 226 in 24-karat gold.
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While some other traders revealed that citizens are the most in-demand for gold at this stage, unlike residents whose season may begin in the coming weeks that precede their annual vacations, Noting that traditional jewelry such as Tamim chairs and Jaber chairs are the most popular, in addition to Al Maryah and beads, stressing the abundance of gold in our local market by relying on imported kits from different countries such as Kuwait, in addition to the Sultanate of Oman, In addition to the nationally manufactured jewelry, which has achieved remarkable growth in the last five years, thanks to the great efforts made by local producers in this aspect.
Mr. Muhammad Al-Saadi (gold trader) said that one of the most important factors that contributed to disrupting the market movement in the recent period is the significant rise in gold prices, which reached record numbers in the past months, citing an example: - The value of a gram of 21 karat gold that was sold before Ramadan at a price 207 Qatari riyals, which indicates the stability of prices at the present time and its stability in specific proportions, as 18 karat gold is sold at 170 riyals per gram, 198 riyals per gram, and 226 for 24 karat gold, which are prices that contributed to restoring movement in the gold market during the period past.
Al-Saadi added that one of the main reasons that affected the rates of demand for gold in the past months is the large number of shops and the abundance of options for consumers, who are now able to obtain everything they want from the precious metal of all kinds, which may currently affect the sale in some shops. However, it may benefit them in the future in terms of increasing the rates of competition among merchants, who will make great efforts in the future in order to raise their capabilities, whether related to the quality of their gold offerings, or even the quantities offered at the level of their stores.