(MENAFN- Asdaf News)
Every year, the holy month of Ramadan sees a significant increase in the sales of gold due to the large number of people who purchase it to honor the holy month and give it as gifts, as well as the fact that gold typically holds its price despite volatility in the world markets.
Ramadan is one of the seasons that gold dealers in Qatar look forward to, as sales rise in variable percentages and, at their best, may reach more than 50% compared to other seasons. In addition, gold is a stable currency in times of crisis and the ideal vehicle for investment and savings. It is also related to the well-known legacy, particularly the generationally passed-down Qatari designs.
According to Mohammed Al Salahi, Executive Director of Al-Salahi Holding Group, who stated that the sales of the gold market are currently experiencing a great recovery as the rates of sales increase since the first day of Ramadan range from 40 to 50%, gold dealers in Qatar are waiting for the Ramadan season to display their new designs.
In a statement to QNA, Al Salahi said that“gold is still the best gift that is dealt with so far, and Qatari families are keen to acquire gold and also exchange gifts of gold, because of its high value, as it retains its value in most cases even if Markets have been volatile.” Al Salahi indicated that most of the buyers in the market are currently Qataris, who prefer traditional gold jewelry.
“With the approaching night of Garangao in the middle of the holy month, sales rise above these percentages, due to the high demand for gold, handicrafts, and designs related to heritage and traditions, as families and relatives exchange gifts, and gold is the best gift on such occasions,” he added.
On the other hand, Al Salahi commented on gold prices and linked them to economic and political factors, saying,“It is known that gold prices rise with political crises and economic fluctuations to levels of USD 1,634 an ounce, due to economic data indicating a recovery in the US economy, and thus 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.
He added,“In the current year, gold prices range between levels of 1800-2000 dollars per ounce, and the inflation factor plays the most prominent role in the fluctuation of its prices between those levels, but what happened in recent weeks, when some US banks declared bankruptcy, jumped gold prices above the ceiling of 2000 dollars per ounce.” It was indeed a safe-haven currency during global financial market turmoil.
With regard to gold price expectations for the coming period, Al Salahi confirmed that the gold price will not exceed USD 2080 per ounce unless there are other developments or new bankruptcies, indicating that expectations of a significant rise in gold prices are nothing but misleading propaganda in most of them to raise prices.–QNA
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