Gold Prices Fall in Qatar as Global Bullion Declines

Gold prices in Qatar fell in tandem with a sharp drop in global bullion prices, as a stronger US dollar and rising US bond yields weighed on the precious metal.

The local decline mirrored pressure on the international price of an ounce of gold. Higher oil prices also formed part of the backdrop to the downturn.

A stronger dollar typically makes gold more expensive for buyers using other currencies, which can curb demand and put pressure on prices.

Rising US bond yields can also reduce the appeal of gold, which pays no interest, by making interest-bearing investments more attractive. These pressures accompanied the latest fall in Qatar’s gold market.