Festive demand lifts gold jewellery trade in Qatar

“Jewellery shops in Qatar are witnessing brisk sales during the Eid al Adha holiday, with customers taking advantage of a modest dip in gold prices to make festive purchases, it is learnt. Market data revealed that in Qatar, 24 karat gold was priced at “QR546.50” per gramme yesterday (May 26), easing slightly from the previous day. Retailers said the modest decline encouraged shoppers to buy during the holiday, reinforcing the seasonal demand pattern that typically lifts sales at this time of year. Shopkeepers added that brisk activity was evident across popular gold souqs and malls, with many customers opting for traditional designs as well as lighter ornaments suited for gifting. “We see families coming in together, often buying sets for weddings or smaller pieces for children,” one jeweller at Souq Waqif explained, noting that Eid remains one of the strongest trading periods of the year. Gold staged a strong rebound in the previous session, gaining “1.35%” to settle at “$4,570” per ounce, according to Vijay Valecha, chief investment officer at Century Financial. According to Valecha, the metal was trading “0.83%” lower at “$4,532,” reflecting cautious sentiment amid regional uncertainty. Valecha observed that the recent decline in oil prices over the past week had helped ease inflation concerns, “providing further support to bullion.” Despite the current pullback, Valecha maintained that “the overall technical outlook for gold remains positive.” Prices continue to hold above a key ascending trendline support on the four hour chart that has been intact since May 19, he noted. “As long as gold sustains above the crucial $4,515 level, which falls on the trendline support, the intraday bullish structure remains valid, with expectations of a potential rebound from current levels,” Valecha said. He identified immediate resistance at the previous session high of “$4,580,” followed by the 50 day simple moving average at “$4,648.” Silver, meanwhile, was quoted at “$76.49,” down “2%,” with support at “$74” and resistance at “$78.79.” Valecha also pointed to macro factors, including energy price movements, inflation expectations, and currency dynamics, as likely to keep prices well supported, even as near term volatility persists. Analysts generally view bullion’s safe haven role as intact, with investors and households turning to gold during periods of uncertainty. For retailers in Qatar, the combination of festive demand and supportive market fundamentals has created a favourable environment. “Customers are buying during dips, and Eid has always been a strong period for jewellery sales,” one shop manager pointed out. He noted that while high prices remain a challenge for some buyers, the cultural significance of gifting gold during Eid continues to underpin demand. Traders expect momentum to carry through the week, with many shops extending hours to accommodate the surge in foot traffic, the shopkeeper added.

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