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FinancialNews
30-03-23
Rising Demand for Gold During Ramadan in Qatar
(MENAFN) The demand for gold, a safe haven, has increased in Qatar during the holy month of Ramadan, a time of gift-giving and celebration. Gold merchants at Souq Waqif reported a surge of around 70 percent in sales of the precious metal, with sales expected to grow further in the coming days and weeks. Tony Prakkat, Sales Manager, Gold & Diamond at Gold Centre, Gold Souq, expressed his optimism, stating that sales have been recording around 80 percent since the start of Ramadan, which is the best time for gold and jewelry sales during the year.
Gold has significant value not only in manufacturing jewelry but also in producing electronic and medical devices. Additionally, it has been one of the oldest means of exchange by human beings. The precious metal has gained immense sentimental value over the years and has been considered a symbol of wealth and good fortune for generations.
According to an official report last week, gold sales are expected to rise by over 50 percent during Ramadan. The prices of gold in cities such as Doha and Wakra have risen in recent weeks due to the high demand.
Investors believe that the US Fed would delay rate hikes; hence, the prices of the precious metal have been bullish. The value of gold is inversely related to the value of the US dollar since the metal is dollar-denominated. A few merchants noted that they expected sales to be much better after the value of the US dollar depreciated in the recent past.
Despite the positive trend in sales, a salesman of Zabarjad Gold Souq-Doha reported that there had not been a significant difference in sales, which had been the same since the beginning of the year. Spot gold rose 0.2 percent at USD1,959.63 per ounce, while US gold futures rose 0.3 percent to USD1,960.30. The dollar index fell 0.2 percent, making bullion cheaper for buyers holding other currencies.
MENAFN30032023000045014228ID1105905061
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