Qatar’s gold market amounts to $8.43bln in H1 2024
The total value of Qatar’s gold prices at the end of last July reached QR30.7bn, the highest level ever, representing 16 percent of the total official reserves of the Gulf state, according to data from the Qatar Central Bank (QCB).
Gold reserves notably surged by about QR7.276bn as of the end of May 2024 compared to May 2023, reaching QR28.327bn. The data also noted that foreign currency reserves and liquidity of QCB elevated by 3.96 percent Y-O-Y, amounting to QR249.165bn ($68.4bn) in May 2024, compared to QR239.664bn in the same period last year.
However, last week, QNB reported that the price of gold in the Qatari market declined by 0.25 percent, reaching $2,502.64000 per ounce.
Globally, price of gold in spot transactions decreased by 0.3 percent, reaching roughly $2315.34 per ounce, while US gold futures fell by 0.6 percent to $2328.60. This follows a rise of $38.90 last Tuesday, closing at $2467.80 per ounce.
Economic experts and analysts in the financial markets have predicted that the gold prices will remain under pressure soon, as markets are waiting critical US economic data that could affect the decisions of future fiscal policies, given the fluctuations in gold prices recently.
Source: https://www.zawya.com/