Qatar’s Gold Market Amounts to QR30.7bn in H1 2024

Doha: 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 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.