Gold traders prepare for holiday season rush

Gold trade is expected to pick up in the local market in the coming days with many residents getting ready to fly out on summer holidays, a period that sees brisk sales of the yellow metal. Some jewellers are planning to launch promotions over the next few days as a further incentive to buy gold. Gold was priced at QR183 per gram for 22-carat gold while 24-carat traded at QR196, unchanged since Friday. The sought-after 10 tolas (116gm) was priced at QR22,340 yesterday. Industry sources expect gold sales to move up further from the month-end as many residents get ready to fly home on vacation. A J Joju, regional manager (Qatar) of Joyalukkas Jewellery, said June and July have traditionally been ‘peak season’ for jewellers in the country. “This is because several people go on leave during the summer. And invariably many of them carry gold with them. The Gulf region is considered the best place to buy gold because of the guarantee on quality,” Joju said. An inquiry revealed that jewellers have stocked up finished jewellery such as bangles and necklace, which have considerable demand during the travel season. Children-specific pendants and rings are also on the collection of many jewellers across Qatar. Many customers believe gold prices are unlikely to fall in the near future, and hence believe gold to be a good investment.from gulf times.