DOHA: Despite recent rise in gold prices, local jewellers are optimistic sales of the yellow metal would go up as Eid Al Adha nears, Al Sharq has reported.
Ali Abadi of Ali Abadi Jewellery said the gold market is witnessing recession and both buying and selling are sluggish during the current period, but he predicted the coming period will witness boom in gold sales with the coming of Eid Al Adha.
He said the rise in the prices of the yellow metal in the world market which recorded the highest in the last six months would not make buyers in Qatar reluctant as Qatari customers enjoy high purchasing power.
Gold prices have continued to increase in the local market. This month price of 24 carat gold per gram increased from QR181.78 to QR182.84 while 18 karat increased from QR185.82 to QR186.25 and 14 carat and 10 carat achieved a little increase that reached QR181.61 and QR86.96.
Abadi, however, indicated that the local market needs to develop in line with economic position pointing out the gold market in US and Saudi Arabia have been more sophisticated than the local market despite high purchasing power in the country. He noted there is dearth of manufacturers in the local market with customers preferring world famous brands so they always had to import gold from manufacturers in the UAE, Bahrain and some other countries which results in increase in prices.
Salem Mohammad Ali, an official of one of the gold shops in Shalawi, agrees, saying the demand for gold, both yellow and white, witnessed a notable decline during the current season after it witnessed high sales during Eid Al Fitr. The decline he said is always expected every year during this season.
He said that preferences of customers differ according to product quality and models they need. While Qatari citizen prefer the best models from Bahrain and some Arab countries, he indicated the Indian community always prefers gold from India.
The Peninsula
