Demand For Gold Increases During Ramadan

Doha, Qatar: The sales of gold has witnessed significant boost during the holy month of Ramadan. As preparations for the celebration of Eid Al Fitr are underway gold shops have seen increase in customers.

The 24-carat gold was trading at QR364.5 per gram, 22-carat at QR340 and 21-carat at QR321.5, yesterday.

In an interview with The Peninsula, Santosh TV, Regional Head, Malabar Gold & Diamonds said,“We have seen a good turnout of customers from the beginning of the holy month of Ramadan, which is the best time for purchase of gold and jewellery. This will increase as Eid approaches as gold is one of the most popular gifts during this season.”

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“We receive customers from different countries including GCC, Arab, Asian, and foreign tourists visiting Qatar,” he added.

He further noted that there was around 75 percent to 80 percent increase in sales compared to last year despite the increase in prices as people gift their loved ones with gold.

Making a reference to the 'Gold Rate Protection Offer' which provides customers with the golden opportunity to block the prevailing gold rates by paying just 10 percent as an advance, he said,“The gold rate protection offer enables customers to purchase their favourite jewellery without having to worry about gold rate fluctuations.”

If gold rate increases at the time of purchase, customers can avail the blocked rate and if it reduces they can still draw mileage of the reduced rate that is a customer intending to buy gold jewellery worth QR10,000 just needs to pay QR1000 to avail the Gold Rate Protection offer and in turn get protected from the increasing gold rates.

Also, across Souq Waqif, at the Gold Souq, people flock to purchase of gold items as the precious metal has high demand during Ramadan and this festive season.

Last week the prices of gold in the Qatari market increased by 1.17 percent, reaching $2,946.17000 per ounce yesterday, according to data released by Qatar National Bank (QNB).

Global gold prices stabilised to some extent yesterday after a correction, as traders assessed geopolitical factors and evolving trade policies. In the Middle East, ongoing tensions continued to fuel safe-haven demand. Meanwhile, in Eastern Europe, hopes for a ceasefire weigh on gold. Diplomatic progress could dampen gold's appeal while any setback in negotiations may reinforce demand for the precious metal.

Ongoing trade tensions could dampen economic growth, supporting gold prices. The investors continue to monitor economic data and updates on US trade policy.

Global demand for gold hit an all-time high last year at nearly 5,000 tonnes as the precious metal struck record high prices on the London Metal Exchange -- and has continued to do so at the start of 2025.

Gold is one of the most sought after precious metal worldwide and it also enjoys a growing demand due to its various uses. It is an asset which may be used in tough times for profit when the market rate shoots up. In times of a crisis, investors globally view gold as a safe haven which increases its demand.

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