Gold prices soar

Gold inched up to a high of QR84 per gram on the eve of Ramadan yesterday. Twenty-two carat gold, which is used in making jewelry, was selling at a two-year high of QR80. Traders said the rate during Ramadan last year was QR63. The price (of 22-carat gold) two years ago peaked at QR83 per gram. Gold retailers yesterday cited high oil prices in the international markets as the reason for the soaring prices of the yellow metal. The demand for jewelry in the Qatari market had not gone down despite the escalating prices, a jewellery store staffer told this newspaper.