Ministry of Commerce and Industry Offers Guidance on Gold Purchasing and Selling

Doha, Qatar: The Ministry of Commerce and Industry (MoCI) has shared insightful guidance to empower consumers in making informed decisions when purchasing and selling gold and jewelry.

Through its X platform, the Ministry underscored key considerations for consumers, emphasizing the importance of ensuring accurate weighing using certified scales, verifying the gold carat marked on the piece, and obtaining a detailed invoice for transparency.

Furthermore, customers are advised to inspect the jewelry inside the packaging before leaving the store, acquaint themselves with the store's guarantee and return policies, and carefully review the invoice upon receipt, ensuring all essential details such as purchase date, buyer's name, gold carat, item description, merchant's information, and total price are accurately listed.

For those considering selling gold, the Ministry recommends understanding the precise weight of the items and staying informed about the daily gold buying rates. As of yesterday, 24-carat gold was trading at QR263.5 per gram, while 22-carat gold stood at QR247.5 in Qatar.

Gold remains a highly coveted precious metal globally, valued for its versatility and perceived stability during economic uncertainty. As such, its demand continues to rise, especially during times of crisis, when it is often viewed as a safe investment. Despite a slight decline in prices yesterday due to a strengthening US dollar, gold remains near record-high levels as investors await further economic data from the US, which could influence expectations of a mid-year interest rate adjustment by the Federal Reserve.