After dropping nearly 15 percent, gold prices in the local market surged to a four-month high yesterday, with a gram of the yellow metal selling for QR165.
Bars of 116 grams (10 tola) were sold at QR19,245.
According to some jewellers, 24-carat gold was sold at QR166.5 a gram in the morning, and came down to QR165, while 22-carat gold was sold at QR153.5 a gram in the morning and dropped to QR152.
Gold gained yesterday on hopes that the US Federal Reserve may not scale back its commodities-friendly bond buying soon, and as holdings at the world’s top gold-backed exchange traded funds rose for the second time in a week.
As many expatriates are heading to their home countries, demand for bullion (bars and coins) and gold jewellery is high, according to retailers.
On July 3, the price of a 10-tola bar in the local market had slipped to QR17,000 from QR19,000 on April 19, 2013.
South Asians are the largest buyers of pure gold bars. Although 116-gram bars are more popular with expatriates, smaller bars of five, 10, 20, 30 and 50 grams are also available and are favoured by the Nepalese.
Source: The Peninsula
