The movement of gold sales in the blessed month of Ramadan every year is very active, as the majority buy the yellow metal in celebration of the holy month, considering it a valuable gift and also because it maintains its price in most cases with the fluctuations that global markets may be exposed to. The month of Ramadan is considered one of the seasonal months that gold traders in Qatar await, as sales increase in varying proportions that may reach more than 50 percent at their best compared to other seasons, and other than that the yellow metal is a safe haven currency in times of crisis, and the best vessel for investment and savings, it is also It is linked to the popular heritage, especially Qatari designs passed down through generations.
Gold dealers in Qatar are waiting for the Ramadan season to display their new designs, which is confirmed by Mohammed Al-Salahi, Executive Director of Al-Salahi Holding Group, who confirmed that the sales of the gold market is currently witnessing a great recovery, as the rates of sales increase since the first day of Ramadan range from 40 to 50 percent. Al-Salahi told Qatar News Agency (QNA) 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 subject to extreme volatility.”
Al-Salahi indicated that most of the buyers in the market are currently Qataris, and the traditional gold jewelry that people prefer and accept to buy and wear in the holy month comes in the list of sales.
He added, “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, heritage artifacts, and designs related to heritage and traditions, as families and relatives exchange gifts, and gold is the best gift on such occasions.” 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 fluctuating 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 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.
