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 volatile.”
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, handicrafts, and designs related to heritage and traditions, as families and relatives exchange gifts, and gold is the best gift on such occasions.”
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 $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 of some US banks declaring bankruptcy, jumped gold prices above the ceiling of 2000 dollars per ounce.” It was indeed a safe-haven currency during global financial market turmoil.
Al-Salahi believes that the crisis of American banks is limited compared to the size of the largest economy in the world, considering that the media has exaggerated the banking crisis, and that things are expected to return.
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