Wednesday 30 / October / 2024
Muscat: Gold prices lingered near record highs on Tuesday, while investors awaited key economic data for clues on the US Federal Reserve's interest rate trajectory.
Spot gold was up 0.5% at $2,755.42 per ounce. Prices hit a record high of $2,758.37 last Wednesday.
US gold futures gained 0.4% to $2,768.10.
At 2pm Oman time on Tuesday, 24K rose to OMR34.95 per gram compared to OMR34.65 per gram on last Monday (21 October).
Among the other variants, 22K, 21K and 18K surged to OMR32.80, OMR31.20 per gram, and OMR 25.75 per gram, respectively.
Spot silver was up 1.2% at $34.0875 per ounce, palladium rose 1.4% to $1,047.05, and platinum added 0.8% to $1,228.00 on Tuesday morning.
Najeeb K, Regional Head, Malabar Gold said: “While the recent price hikes have been a cause of concern amongst jewellery buyers, we are confident that they will grow accustomed to the prevailing prices, especially when you consider the jewellery buying trend associated with the festive season. Our ‘Pay 10% Advance’ offer, introduced ahead of the festive season, has been a game-changer for customers navigating this period of price volatility. By paying just 10% upfront, customers have the advantage of locking in the current rate till, ensuring they secure the best price no matter how the market fluctuates. This initiative has safeguarded our sales from price hikes, with customers flocking to our showrooms to explore our collections and take advantage of our valuable offer.”
