Prices of the much sought-after 22 carat gold in Qatar has plunged to an all-time low of just QAR 125 per gram, the lowest ever recorded in the last five years in Qatar.

According to Malabar Gold & Diamond assistant manager Sathique Mohamed, gold prices had fallen to a record low of QR131 in 2013, but the present plunge has taken customers and retailers by surprise.

"In the last five years, this is the first time that gold prices have plunged to QR125. This is the first time I have experienced such a drop in the price of gold," added Mohamed.

The price of gold is mostly dictated by prices in the international market. Currently, an ounce of gold is traded at $1,100 in the international market.

Apart from buying gold jewellery, a large number of people, particularly those from the Indian subcontinent, buy the yellow metal as a secure means of investment. [Gulf Times]