Muscat: Gold prices have hit the lowest mark in ten months in the Sultanate, representatives at Malabar Gold in Oman have confirmed.
The yellow metal was selling at OMR15.05 per gram (22 karat) on Friday. However, the price climbed up slightly at OMR15.15 on Saturday. The price of 24 karat gold stood at OMR15.65 on Friday.
On Saturday, the cost of the yellow metal internationally stood at $1,222.30 per ounce (28.34gm) in comparison to $1,357.70 per ounce (28.34 gm) in the first week of September in 2017.
Representatives at Malabar Gold confirmed that gold prices were indeed the lowest it had been in a year, adding that it was an international phenomenon. They attributed it to strengthening of the US dollar against other currencies.
"It is a good time to buy gold jewellery as prices are the lowest they have been in a year," a representative from Malabar Gold said.