Muscat: The price of gold surged by 250 baisas per gram during the early trading hours in Muscat on the initial trading day of the week, marking a new high.
At 2:00 pm local time on Monday, 24K gold reached a price of OMR34.65 per gram, a significant increase from the previous Monday's rate of OMR33.75 per gram.
Other gold variants also experienced notable increases in price, with 22K gold reaching OMR32.55 per gram, 21K gold at OMR29.95 per gram, and 18K gold at OMR25.550 per gram.
The recent escalation in gold prices can be attributed to a variety of factors, including rising tensions in the Middle East and the intensification of the United States election campaign leading up to November 5. Furthermore, the festive seasons of Diwali, Dhanteras, and weddings have also contributed to the heightened demand for gold.
Dhanteras is recognized as one of the most auspicious days for gold purchases as part of Hindu festivities among Indians.
This auspicious day is set to be celebrated on Tuesday, October 29, and Diwali is anticipated to be observed on Saturday, October 31.
Jewellery retailers in Oman anticipate an increase in sales during the Diwali period, despite the elevated prices of gold. "We are expecting sales to increase by 10 to 15 percent compared to any other regular day," stated one retailer.
Najeeb K, the Regional Head of Malabar Gold, highlighted the introduction of a range of exceptional offers and exclusive jewelry pieces as part of the festive season. Customers purchasing gold and diamond jewelry from any of Malabar Gold's showrooms will be eligible for a complimentary gold coin with their purchase. Additionally, 24k gold bars and 8g gold coins can be acquired without any charges. Special buy counters have been established across Malabar Gold's showrooms, offering selected jewelry at significant discounts. All offers are valid in Oman until November 2.
He also mentioned the introduction of the Festive Edition jewelry collection, which stands out as a major highlight of Malabar Gold's Diwali offerings. This collection features a curated selection of Gold, Diamond, and Precious Gem jewelry from Malabar Gold's exclusive brands, designed to be the ideal adornment for customers looking to enhance their festive looks.
Despite the recent increase in gold prices, there is confidence among buyers that they will become accustomed to these prices, especially considering the trend of gold purchases during the festive season. The introduction of the 'Pay 10% Advance' offer, launched in anticipation of the festive season, has been a significant advantage for customers facing price fluctuations. By paying just 10% upfront, customers secure the current rate, ensuring they obtain the best price regardless of market volatility. This initiative has protected Malabar Gold's sales from price increases, attracting customers to explore the collections and benefit from the valuable offer.
Additional jewelers located on Ruwi High Street have also affirmed their commitment to maintaining their establishments open well into the late hours of the night this weekend. "We plan to remain operational until midnight, given our anticipation of a significant increase in sales," they stated.
Dhanteras, marking the commencement of Diwali, is regarded as a particularly auspicious period for the acquisition of jewelry and apparel.
