Muscat: The price of gold remained near its all-time high levels on Tuesday, as investors eagerly awaited crucial economic indicators that would provide insights into the trajectory of the US Federal Reserve's interest rates.
Spot gold experienced a modest increase of 0.5%, reaching a new record high of $2,755.42 per ounce. This marked a significant increase from the previous record high of $2,758.37 set last Wednesday.
Meanwhile, gold futures in the United States saw a slight gain of 0.4%, settling at $2,768.10 per ounce.
By 2:00 pm local time in Oman on Tuesday, the price of 24K gold reached OMR34.95 per gram, an increase from OMR34.65 per gram recorded on Monday, 21 October.
In addition, other gold variants such as 22K, 21K, and 18K saw a rise in price to OMR32.80, OMR31.20, and OMR 25.75 per gram, respectively.
Regarding silver, the spot price experienced a modest increase of 1.2%, reaching $34.0875 per ounce. Palladium saw a slight increase of 1.4% to $1,047.05, while platinum experienced a slight increase of 0.8% to $1,228.00 per ounce.
Najeeb K, the Regional Head of Malabar Gold, expressed confidence in the market's ability to adapt to the prevailing prices, particularly considering the surge in jewelry purchases during the festive season. He highlighted the success of the 'Pay 10% Advance' offer, introduced prior to the festive season, as a significant factor in customer satisfaction during periods of market volatility. This initiative has not only protected sales from potential price increases but has also attracted customers to Malabar Gold's showrooms to explore their collections and benefit from the advantageous offer.
