Friday, 22nd December 2006 (4420 views)

Sales of gold have been triggered by the impending festivals of Christmas, the New Year and Eid al-Adha in Qatar, according to local jewellers.

Stable prices over the last week have boosted gold trade in the local market with jewellers reporting brisk sales in the last few days and a boost to the gold trade, according to local newspaper the Gulf Times.

One jeweller claims the sudden rush on buying gold he has seen since mid-November is "unprecedented" and is perhaps due to the 15th Asian Games which were held in Qatar's city of Doha from late November till mid-December.

Athletes, spectators and visitors to the games have all been snapping up gold while on shopping trips plus there had been demand for the precious metal due to the upcoming religious festivals.

Favourable prices are likely to continue due to market closures, according to jewellers.

Joy Alukkas, chief executive officer at Joy Alukkas Jewellery, said: "In a day or two the London market will be closed for Christmas and it will not reopen till the New Year."

 

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