(MENAFN- The Peninsula) Gold has lost its sheen this year and is all set to end 2014 on a flat note, leaving investors disappointed. Prices are hovering around the same level seen at the beginning of 2014.
A gramme of 24 carat was trading at QR148 in Doha yesterday and a gramme of 22 carat at QR138. On the first day of 2014, a gramme of 24 carat was trading at QR148.5 and a gramme of 22 carat was at QR138.5.
Bars of 116.64 gramme of 24 carat were available yesterday at QR17,263 compared to around QR17,321 at the beginning of year.
"Investors who were looking for healthy returns are disappointed and hoping that 2015 will be better for gold," said a senior official of a major bullion house.
Though investors were upset this year with the prices, jewellery buyers were happy.
"This year was good in terms of sale of gold jewellery. Sales were up around 30 percent compared to last year due to falling prices.
"The decline in the prices allowed people to buy more jewellery with same budget," said Dileep Madhavan, Regional Manager, Atlas, a gold jewellery chain that has three retail outlets in Qatar and 60 in the Middle East and India.
"Sales were up in the second half of the year due to fall in the prices," he added.
Gold has witnessed sharp fluctuations this year. The first half of 2014 was bullish as prices went up to QR160 (24 carat per gramme) in May from QR148 at the beginning of year.
However, prices could not sustain upward momentum and have been falling since June. Gold has disappointed investors in the past two years with the prices falling since 2012.
After touching peak in the second half of 2011, the prices of 24 carat showed some moderation and hovered in the range of QR180-QR200 until September 2012. They reached QR210 in October 2012 but have been declining since then.
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