Muscat: On the morning of Tuesday, April 22, gold prices in Oman soared to unprecedented levels, with 24-carat gold surpassing OMR 44 per gram for the first time due to worldwide economic instability.
By 3pm Oman local time on Tuesday, the price of 24K gold had climbed to OMR 44. 050 per gram.
For other grades, 22K, 21K, and 18K experienced increases, reaching OMR 41. 200, OMR 38. 250, and OMR 32. 600 per gram, respectively.
Najeeb K, the Regional Head of Malabar Gold & Diamonds, commented, "Even though gold prices have hit all-time highs this week, consumer attitudes in our showrooms have shown remarkable resilience. Demand remains strong, reflecting a deep-seated confidence in gold as a lasting asset and a sound investment that appreciates in value. "
He added that while a minor decline in purchasing might be anticipated among budget-conscious buyers, such decreases are usually temporary as consumers adjust to the new pricing levels. "Notably, there has been no considerable increase in gold exchange transactions, suggesting that buyers are retaining their gold holdings—an encouraging indicator of their faith in its enduring value and reliability," he observed.
Experts indicate that gold has conventionally been viewed as a protective measure against inflation and global economic challenges. "In light of the current global economic landscape characterized by uncertainty, investors are more frequently seeking gold as a safe and trustworthy asset. This tendency has intensified as gold continues to set new records," one analyst remarked.
Rajesh Rokde, Chairman of the Gem and Jewellery Council of India (GJC), identified the ongoing trade disputes among certain nations as a major contributor to the rise in gold prices.
Although short-term variations may happen, the long-term outlook for gold remains positive, with analysts anticipating sustained demand given the global economic uncertainty.
