The mad gold rush
With the price of gold hitting a low of QR5,097 an ounce, local bullion suppliers in Qatar are facing a heavy rush of buyers. But no stocks left, they say.
According to local newspaper reports, gold stocks in many outlets have been completely sold in these past few days. Though market analysts predict that the price of gold may further drop to further to $1,250 per ounce, people are making purchases now leading to a huge gap in the demand-supply ratio.
With gold bars depleting from the market, people were quick to choose gold jewellery as the next best option. The latest selling price for gold was: QR157 per gram of 22-carat gold, QR150 per gram of 21-carat gold and QR130 per gram of 18-carat gold. A majority of customers were reported to be Asians, and three fourth of those visiting jewellery stores were blue collared workers.
This is the first time after 12 years that the price of gold has dropped so low.
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