Doha Bank QSC expects to sell a record 200 million riyals (US$55 million) of gold this year as consumers take advantage of lower prices and investors seek a haven from falling equities and weakening currencies. Sales were worth 110 million riyals in the 2015 period, he said.More than US$3.3 trillion has been erased from the value of global equities after China decision to devalue its currency spurred a wave of selling across emerging markets. Qatar QE Index of shares slumped 5.3 per cent on Sunday as lower oil prices raised concern about growth prospects in the Middle East at the same time the Federal Reserve contemplates the first boost to interest rates since 2006.
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