In the heart of Muscat, Oman, amidst the bustling streets and vibrant markets, gold reigns supreme. Despite the soaring prices and daily record-breaking highs, the allure of this precious metal remains unwavering.
Leading jewellery stores in Muscat share a common sentiment - the glint of gold holds more than just monetary value for those who seek it.
After reaching 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 observed a consistent upward trend in gold prices in recent weeks, culminating in a record high of US$2,195 per ounce last week.
While fluctuations in gold prices are expected, a historical analysis of gold prices over the past few years reveals an undeniable upward trajectory.
A senior representative from Oman's leading chain of jewellery stores, Malabar Gold and Diamonds, emphasized the unparalleled status of gold as the premier investment choice. Gold has proven to be a steadfast store of value for centuries, even as alternative investment avenues such as stocks, real estate, and cryptocurrencies gain prominence. The enduring pattern of long-term growth exhibited by gold, supported by historical evidence, makes it a dependable and tangible investment option.
Shamlal Ahamed, MD-International Operations at Malabar Gold and Diamonds, further highlights the appreciating value of gold. With its accessibility being one of its most appealing attributes, individuals, whether novice or seasoned investors, can confidently invest in gold as a reliable store of value.
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 gold jewellery stores' officials and salespersons deny any decrease in shopping, a few customers interviewed by Times of Oman have admitted to postponing their plans to buy for the time being.
Amit Singh, a manager from a prominent automotive company and an expatriate, shared his perspective on the matter. He had initially intended to purchase ornaments for his wife and sister back home. However, due to the exorbitant gold prices, he has decided to delay his shopping. Even his wife supports this decision, hoping for a future decrease in prices.
On the other hand, amidst the bustling atmosphere of shoppers and the delightful sound of gold ornaments, Noor Al Balushi, an Omani professional, entered her favorite store in Ruwi. Her eyes sparkled with excitement as she admired the dazzling displays.
Noor had diligently saved money for months to buy a necklace for her mother's birthday and a bracelet for herself in preparation for Eid Al Fitr. Despite the soaring gold prices, she remained undeterred. As she carefully examined the exquisite pieces, she expressed her belief that gold is a secure investment. While it may be expensive at present, its value will only appreciate over time.
Like many others, Noor perceives gold not only as a luxury but also as a symbol of security—a tangible asset in an uncertain world.
Ramprakash, an employee at a construction firm, is preparing for his annual vacation and is excited to buy some jewelry for his daughter. Although he has managed to save some money, the significant increase in gold prices means that he can afford to purchase less gold. "Over the years, I have observed fluctuations in the price of gold," he remarked. "However, one thing that has remained constant is the fact that gold has always stood the test of time."
Mohammed pointed out the demand for gold as evidence of its lasting appeal. "Customers recognize the value of gold. It is not just about decoration; it is also about preserving wealth and securing a better future."
Despite the current high prices of gold, there is still a sense of comfort in knowing that certain things remain unchanged – the enduring charm of gold and the unwavering belief in its timeless value.
