Price of gold in Oman goes up by nearly 30 per cent

Muscat: The cost of gold in Oman has increased by nearly 30 percent over the past year, jewellery outlets in the country have told Times of Oman.
Gold is one of the few commodities that has seen an increase in price, in contrast to other globally traded goods, which reflects a growing willingness in people to invest in it.
While the price of 24 carat gold in Oman has risen from OMR 15.45 per gram to OMR 19.6 per gram between August 2018 and 2019, reflecting a 28.7 percent increase, the cost of 22 carat gold has risen from OMR 14.85 a gram in August 2018 to OMR 18.85 a gram in 2019, an increase of 26.9 percent. Commenting on this, K Najeeb, the regional head for Malabar Gold and Diamonds said, “The recent price hike of gold has an immediate effect on the market.
This is the highest gold price recorded in the last seven years. Consumers always take a ‘wait and see’ approach on price variations of such magnitude. They normally watch the movement for the next few days, and if the trend continues or the price is set at that level, they take purchase decisions.
“However, the current price increase gives lot of confidence for gold buyers internationally, and the GCC in particular,” added Najeeb.
“With all other investments providing a negative growth, gold is the only investment which is showing a positive trend. We are sure that the customer confidence in gold will bring them back to the market soon and will show a good growth in sales in the coming weeks.”
A representative for Alukkas jewellery added, “Gold rates have gone up all around the world, because this is dependent on the price of oil and the dollar as well. All of these things impact the cost of gold.”
“Our sales are about the same, but because the markets are so volatile, people still see gold as a good investment as some of the other investments are not as good. “All across Oman, there is a standard price that all the stores adjust for gold,” he said.
“All the jewellers have this standard price. There is no fluctuation between one gold store and another. During Eid, we did decent business, even if it was not as much as was expected, but the business is generally okay,” he said.