Ramadan reinforces gold market momentum in Qatar despite record global prices: report

Doha, Qatar: The holy month of Ramadan continues to consolidate its position as a peak season for the gold market in Qatar, despite unprecedented glob...

Doha, Qatar: The holy month of Ramadan continues to consolidate its position as a peak season for the gold market in Qatar, despite unprecedented global price levels for the precious metal, which have recently surpassed the $5,000 per ounce threshold for the first time in history.

This year's Ramadan coincides with a historic surge in gold prices, driven by a complex interplay of geopolitical tensions, supply-chain disruptions, and shifts in the monetary policies of major central banks toward easing cycles and diversification of reserve assets. These global developments have been directly reflected in local market prices, pushing retail gold rates in Qatar to record highs.

Gold traders told Qatar News Agency (QNA) that demand has not been significantly undermined by the sharp price increases. On the contrary, growing awareness of gold’s role as a long-term investment and store of value has reinforced consumer confidence, even as some market participants anticipate adjustments in purchasing patterns among certain segments due to higher costs. This divergence highlights evolving consumer behavior under the influence of global economic uncertainty.

In this context, Ali Salah Al Yafai stressed that Ramadan remains a key barometer of the vitality of the local gold market, noting that record price levels are unlikely to weaken demand and may instead strengthen confidence among a broad segment of consumers in gold as a reliable hedge against economic volatility.

He explained that the price of 24-karat gold recently exceeded QR 595 per gram, compared with around QR 360 during the same period last year, while 21-karat gold stabilized above QR 520 per gram, up from approximately QR 315 in 2025. Despite the sharp increases, he noted that many buyers still consider current levels acceptable entry points, supported by expectations of continued upward momentum over the medium term.