Sales boosted as gold falls 8% in a week AN 8% fall in gold prices in a week has boosted sales in the local market, industry sources said yesterday. Local jewellers are now securing more supplies from the regional source, Dubai, because of the increased demand for finished jewellery, gold coins, biscuits and bars. “We are seeing brisk sales for gold,” said a jeweller who attributes the situation to declining gas prices and the strengthening dollar. Yesterday, 22-carat gold closed at QR90 per gram, while the price of 24-carat gold was QR96/gm. Gold closed at QR10,780 for 10 tolas (116gm). A week ago, 22-carat gold stood at QR97 and 24-carat gold at QR104.50/gm. The price of 10 tolas was QR11,735 on August 9. The prices are unlikely to change today because of the closure of major international markets including London at the weekend. The “fairly attractive” gold prices have already prompted some major phone retailers, hypermarkets, vehicle dealers and others to cash in on the demand by offering gold bars and coins as promotional gifts. June and July are busy months for local jewellers because of many residents going home on annual vacation. The summer sales have continued beyond the normal season because of lower and stable prices. Jewellers, however, said there was no shortage of gold in the country because of regular supplies from Dubai. “Dubai mostly meets our demand be it for finished jewellery, gold coins, biscuits and bars,” said A V Joju, manager at Joyalukkas Jewellery in Doha. For many people gold is an investment, said a Doha-based banker. “Some investors spread their risks by getting into the actual buying of gold or investing in gold exchange traded funds. Some seven years ago, gold prices stood at QR28 per gram. Early this year it had gone past QR110. Gold prices may climb again if oil becomes costlier,” he said. GT

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