Thursday 26 / December / 2024
MUSCAT: In the heart of Muscat, Oman, amidst the bustling streets and vibrant markets, one element reigns supreme – gold. Despite the yellow metal reaching sky-high prices and breaking records daily in recent times, the allure of this precious metal remains steadfast.
Times of Oman spoke to leading jewellery stores and one thing was common: the glint of gold holds more than just monetary value for those who seek it.
After soaring to a record rate of OMR26.45 per gram (22 carat) on Monday, gold rates experienced a slight dip to OMR26.20 by Wednesday.
Jewellery proprietors have noted a consistent upward trajectory in gold prices over recent weeks, culminating in a record high of US$2,195 per ounce last week.
While fluctuations in gold prices are common, a historical analysis of gold prices over the past few years reveals an undeniable upward trend.
Speaking to Times of Oman, a senior representative of Oman’s leading chain of jewellery stores, Malabar Gold and Diamonds, said: "The soaring prices underscores gold's unparalleled status as the premier investment choice. Gold has served as a steadfast store of value for centuries. While alternative investment avenues such as stocks, real estate, and cryptocurrencies have gained prominence, the enduring pattern of long-term growth exhibited by gold, substantiated by historical evidence, renders it a dependable and tangible investment option."
Shamlal Ahamed, MD-International Operations at Malabar Gold and Diamonds, said, "The surge in gold prices further underscores the asset's appreciating value. With its accessibility being one of gold's most appealing attributes, individuals seeking a reliable store of value, whether novice or seasoned investors, need not hesitate to invest in gold.”
He added: “Gold's allure is amplified by the fact that, unlike other investment avenues necessitating substantial capital, gold can be acquired even with modest sums. Malabar Gold and Diamonds have launched the 'Pay 10% Advance' initiative, empowering customers to kick-start their jewellery purchases before prices escalate further.
“By paying just 10% of the planned purchase value as an advance, customers can lock in the best gold rate for their purchase, irrespective of subsequent price fluctuations. Should prices rise, customers only pay the reserved rate, while any reduction in price on the day of purchase entitles them to the lower rates. Additionally, flexible 'Jewellery Purchase Plans' offer customers the convenience of purchasing gold jewelry through easy installments."
Mohammed, manager of Al Haseena Jewellery, another leading gold and diamond jewellery outlet on the main Ruwi High Street, echoed the sentiments and said the “rising prices have failed to deter the buyers in Oman.”
“We have not seen a visible decline in shopping for gold since the steep hike in prices at our outlets as the owners of Al Haseena have other branches in Oman.
“The demand for the yellow metal continues but the only thing is that the exorbitant prices means lesser gold purchase for our clients. Usually, we have found that a certain budget is reserved for investing or purchasing gold. With the spike in prices, they end up having lesser gold that they have planned,” added Mohammed.
While the officials and salespersons at the gold jewellery stores deny the fall in shopping, few customers that Times of Oman spoke admitted that they have held back their plans to buy for now.
Amit Singh, an expatriate manager in a leading automotive company, said: “I was planning to buy ornaments for my wife and my sister back home. However, the exorbitant gold prices have forced me to hold back the shopping for now. Even my wife supports me with the idea of delaying and we hope there is a fall in the prices ahead.”
Elsewhere, amid the chatter of shoppers and the tinkling of gold ornaments, Noor Al Balushi, an Omani professional, stepped into her favourite store in Ruwi, her eyes lighting up at the sight of the glittering displays.
She had saved for months to buy a necklace for her mother's birthday and a bracelet for herself ahead of Eid Al Fitr, and nothing, not even soaring gold prices, can deter her.
As she browsed through the exquisite pieces, she said: "Gold is a safe investment. It may be expensive now, but its value will only increase with time."
She, like many, believes that gold isn't just a luxury but a symbol of security, a tangible asset in an uncertain world.
Ramprakash, a worker at a construction company, is going on his annual leave and is eager to purchase some ornaments for his daughter. He has saved but the steep hike means that he can carry less gold. "I've seen fluctuations in gold prices throughout the years," he said. "But one thing remains constant, that gold has stood the test of time."
Mohammed cited the demand as evidence of gold's enduring appeal. "Customers understand the value of gold. It's not just about adornment; it's about preserving wealth and securing a better future."
Despite the record gold prices, there is still a sense of reassurance in knowing that some things remained unchanged – the enduring allure of gold and the unwavering belief in its timeless value.
