Gold prices hit new record high in Oman

Muscat: Gold prices in Oman hit a record high on Tuesday morning, April 22, with 24-carat gold surpassing OMR 44 per gram for the first time amid global economic uncertainty.

At 3pm Oman time on Tuesday, 24K rose to OMR44.050 per gram.

Among the other variants, 22K, 21K and 18K surged to OMR 41.200, OMR38.250 per gram, and OMR 32.600 per gram, respectively.

Najeeb K, Regional Head, Malabar Gold & Diamonds, said, “Despite gold prices reaching record highs this week, customer sentiment has remained resilient across our showrooms. Demand continues to be steady, highlighting the deep-rooted belief in gold’s enduring value and its role as a secure and value appreciating investment.”

He also said while a small slowdown in purchases can be expected amongst price-conscious consumers, such dips are typically short-lived as consumers adapt to the new price range. “Notably, there has been no significant rise in gold exchange transactions, indicating that customers are holding onto their gold assets — a strong sign of their trust in its lasting worth and stability,” he said.

Analysts say gold has traditionally been seen as a hedge against inflation and global economic uncertainty. “With the current global economic situation marked by instability, investors are increasingly turning to gold as a safe and reliable asset. This trend has only grown stronger as gold continues to break records,” one of them said.

Rajesh Rokde, Chairman of the Gem and Jewellery Council of India (GJC), pointed to the ongoing trade war between some countries as one of the main reasons behind the surge in gold prices.

While short-term fluctuations may occur, the broader outlook for gold remains strong, with analysts expecting continued demand amid global economic uncertainty.