Posted on August 24, 2015

Gold is becoming cheaper as demand is yet to pick up after Eid Al Fitr, bullion traders and jewellers say in The Peninsula. Yesterday, the pure 24-carat gold was available in the local market for QR134.76 a gramme and 21-carat gold at around QR120. The market is stable after the Eid Al Fitr rush when demand for the yellow metal goes up considerably as Qataris, other Arabs and most other Muslims buy jewellery.

Jewellers say they hope the lull to end and demand to pick up as Eid Al Adha approaches. At least one jeweller, talking about demand, said it was nearly 50 percent more than the levels witnessed during Ramadan-end and Eid Al Fitr last year. However, some shops in the souq said due to low gold prices, some Qataris who like heavy jewellery and Arab expatriates like Sudanese were buying. About white gold, jewellers said it is mostly in demand during marriage seasons.