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Posted On: 10 August 2008 08:23 am
Updated On: 12 November 2020 02:08 pm

Cheap gold in Qatar boosts market

Khalifa Al Haroon
Khalifa Al Haroon
Your friendly neighborhood Qatari
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LOWER and stable prices have pushed up gold sales in the local market, industry sources said yesterday. Some major phone retailers, hypermarkets, vehicle dealers and others are now cashing in on the demand by offering gold bars and coins as promotional gifts, they said. Besides finished jewellery, gold coins, biscuits and bars are in demand. Doha-based jewellers source these mostly from Dubai and get fresh stocks from the emirate every week now. Yesterday, 22-carat gold remained at QR97 per gram while the price of 24-carat gold was QR104.50/gm. Gold closed at QR11,735 for 10 tolas (116gm). Gold prices have not increased since Thursday and will remain steady until tomorrow because of the closure of major international markets including London at the weekend. June and July are busy months for local jewellers because of many residents going home on vacation. The summer sales have continued beyond the normal season because of lower and stable prices, said A V Joju, manager at Joyalukkas Jewellery in Doha. “People buy a lot of gold these days as it is considered a good investment. Gold prices have gone up from QR28/gm some seven years ago. Buying gold from the Gulf region is a guarantee of quality,” he said. However, there is no drastic difference in gold prices in various markets. This is because many countries have relaxed import procedures in line with WTO requirements. Some jewellers said the local gold trade got a further boost with gold bars and coins being offered as promotional gifts. “I have an order for 24-carat gold bars of 100gm from a major retailer in Doha. They used to give gift certificates during promotions. Now they seem to have switched over to gold considering its lasting value and acceptability among customers,” a jeweller said. GT