Gold price surge and ongoing tensions soften Ramadan trade at Manama Souq

TDT | Manama

Email : editor@newsofbahrain.com

Gold price surges and ongoing political tension have contributed to a quieter Ramadan at Manama Souq’s gold market compared to last year.

Since the onset of the conflict, customer footfall has declined, including hours that typically see higher traffic during the holy month.

In an effort to gauge the situation, The Daily Tribune spoke with several gold sellers in the souq.

Business

They indicated that while business has slowed, there is cautious optimism that upcoming occasions - Eid, anticipated tomorrow, Friday, followed by Mother’s Day on Saturday, could help support demand.

Many store owners noted that customer turnout remains limited at present.

Many shops are now keeping only minimal stock on hand due to the ongoing uncertainty.

However, regular customers continue to place orders.

Conflict

Speaking exclusively to The Daily Tribune, Jay Rathod, a gold seller at Manama Souq, said, “Last year this time in Ramadan, 21-carat gold was around BD30, this year however it is BD53. Since the conflict began, customer numbers have fallen, from 10 to 15 per day last Ramadan to just 2 to 4 now.”

He added, “Orders have also declined, from 50-60 last year to 12-15 this Ramadan. However, considering the gold price surge from last year, it is still enough to sustain the business.”

Rathod also noted that Bahrain’s gold is typically popular among customers from other Gulf countries due to its distinctive designs.

Clients

“We usually receive many clients from Saudi Arabia, Kuwait, and the UAE who appreciate Bahraini craftsmanship. This year, however, even they are visiting less frequently. Compared to last year, the souq feels quieter. However regular customers still place orders,” he said.

Investment

Another gold seller, Sayed Ahmed, told The Daily Tribune, “Gold remains an important investment. Regardless of price fluctuations, it continues to hold value for the owner.”

He added that while Bahraini customers usually purchase gold for Mother’s Day, activity in the market this year remains subdued.