There has been a reasonable demand for gold in the Sultanate of Oman despite the volatility in prices in recent months.
According to traders, gold prices have stabilised after weeks of surge in March due to various geopolitical factors.
The price of gold in the Sultanate of Oman for 22 karat was RO 23.50 and according to traders, the surge was due to rising oil prices that followed the Russian-Ukrainian war.
“Consumers have been purchasing despite high prices for it is seen as a safe haven. Especially among some citizens, we have seen this tendency to take advantage of the current market trends and sell the gold in their possession,” sales manager of a leading jewellery brand said.
Globally, gold prices have eased recently, but some factors could still trigger another rally in gold.
“High rate of inflation which could lead to an economic recession or collapse in the Ukraine/Russia can expect a further surge in gold prices.
In Oman markets, the 22-karat gold started crossing the RO 23 per gramme mark on February 18, touching the RO25 per gramme mark on March 9. Prices have since maintained the RO 23.5-mark level.
“Unlike other commodities, gold has proved to be a safe asset for the long term. With economic uncertainties increasing for people across all age groups, investing in gold makes sense anytime, anywhere,” said Maryam al Balushi, who generally invests in gold coins.
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