Gold Sales Surge During Ramadan in Qatar
Date
3/26/2023 8:27:43 AM
(MENAFN) Gold sales surge during the holy month of Ramadan in Qatar, as many people buy it to celebrate the occasion and consider it a valuable gift. gold maintains its price in most cases despite fluctuations that global markets may be exposed to, making it a safe currency in times of crisis and the best vessel for investment and savings. Additionally, gold is linked to popular heritage, especially Qatari designs passed down through generations.
Gold dealers in Qatar await the Ramadan season to display their new designs, as sales increase in varying proportions that may reach more than 50 percent compared to other seasons. The Executive Director of Al-Salahi Holding Group, Mohammed Al Salahi, confirmed that the sales of the gold market are currently witnessing a great recovery, with sales rates increasing by 40 to 50 percent since the first day of Ramadan.
Al Salahi stated that gold is still the best gift that is dealt with so far, and Qatari families are keen to acquire gold and exchange gifts of gold due to its high value, as it retains its value in most cases even if markets are volatile. Most of the buyers in the market are currently Qataris who prefer traditional gold jewelry, according to Al Salahi.
Sales rise even further during the night of Garangao in the middle of the holy month, due to high demand for gold, handicrafts, and designs related to heritage and traditions. Families and relatives exchange gifts during this occasion, and gold is considered the best gift.
Regarding gold prices, Al Salahi linked them to economic and political factors, stating that gold prices rise with political crises and economic fluctuations to levels of USD 1,634 an ounce. This is due to economic data indicating a recovery in the US economy, a rise in the dollar strength index, as well as a rise in the yield on US Treasury bonds on the one hand, and interest rate hikes on the other hand.
In conclusion, gold sales surge during the holy month of Ramadan in Qatar, with sales rates increasing by 40 to 50 percent since the first day of Ramadan. Gold is considered a valuable gift and a safe currency in times of crisis, linked to popular heritage and passed down through generations. During the night of Garangao, sales rise even further due to high demand for gold, handicrafts, and designs related to heritage and traditions. Gold prices are linked to economic and political factors, rising with political crises and economic fluctuations.
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