ع
The Qatar News Agency reported that gold prices in the Qatari market fell by 2.64 percent this week. The decline reflects similar movements in global bullion rates which have come under pressure from shifting monetary policy expectations. Local jewelers and traders have adjusted their quotations in line with the international spot price.
Data compiled from multiple tracking platforms placed the current price of 24-karat gold at approximately 488 Qatari riyals per gram on October 1. This compares with higher levels seen at the end of the previous week confirming the weekly contraction. Prices for 21-karat and 18-karat gold followed suit registering proportional decreases across the board.
Analysts at XTB Research attributed the broader sell-off to rising US Treasury yields which climbed to 5.25 percent the highest level since 2007. Higher yields increase the opportunity cost of holding non-yielding assets such as gold. Markets have also priced in a greater than 60 percent chance of an additional Federal Reserve rate increase at the October policy meeting.
The weekly performance extends a longer downward trend with gold prices in Qatar down more than 4 percent over the past month according to historical records maintained by gold price data providers. From levels above 15,500 QAR per ounce at the end of September 24 the metal has shed several hundred riyals in value. This movement has been mirrored in regional markets across the Gulf.
Investment advisors in Doha have noted that the current environment favors fixed-income instruments over precious metals for some portfolios. Physical demand for jewelry in Qatar has remained steady despite the price volatility. The Qatar News Agency update serves as the latest indicator of how external factors continue to shape the local gold trading landscape.
Global factors including a firmer US dollar and moderated safe-haven buying have compounded the weekly losses. Oil price fluctuations have added to inflation concerns that in turn support tighter policy outlooks from central banks. Participants will monitor upcoming US economic data releases for further signals on the metal’s direction.
