Tuesday 15 / July / 2025
Muscat: Even though gold prices are at a three-week high, jewellers in Oman say that the public is still buying the precious metal. “There have been recent fluctuations in gold prices. However, the gold market is still performing smoothly, despite uncontrolled market factors,” said Najeeb K, Country Manager of Malabar Gold in Oman.
“Our sales have not been hit by increases in price. People have trust in gold as a perfect investment option,” Najeeb added. On Wednesday, the gold price in Oman was OMR448.73 per ounce, OMR14.43 per gram for 24K and OMR13.23 per gram for 22K.
Three-week high
Gold hit a 10-month low in mid-December, as the US Federal Reserve raised interest rates, making investing in the dollar more lucrative and the perception of commodities markets bleak. However, current prices are at a three-week high.
“It seems positive, as prices are going up and the market is getting better. Even oil prices are going slightly higher, so it all seems to be fine for business and the market at the moment, and also for the GDP,” said Rajesh Govindan, Country Manager, Liali Jewellery in Oman.
“For us, when the gold rates were recently down, we had good sales, and then they started going higher and there was Christmas and New Years, plus when the rates started going up, it is the psychology of people to normally buy more, and they wait for it to go higher.
“In 2017, I expect gold rates to go higher,” he added.
Most gold sellers are positive that gold will be in high demand, regardless of prices.
“Gold has always been, and will continue to be, the ideal investment for all because of its appreciation, despite inflation. The jewellery sector in Oman has been flourishing for the same reason, and growth has been positive through 2016. As for our organisation, we also have witnessed positive growth through this year,” Najeeb added.
Fluctuations
Despite the rally in prices, consumers are sceptical about buying gold this early in the year, with many important international events still to come that can cause fluctuations in gold prices.
“I want to buy some jewellery for myself, but watching the daily news, and so many things about gold prices, I want to wait and watch. Once I hear that market conditions are fine, I will buy gold again,” said Zainab, a regular gold jewellery buyer.
Jameela Wardhi, another regular buyer, said that she will remain cautious before buying gold, as it is better to wait until the prices bottom out.
“I want the prices to go to the lowest possible point before I buy gold. I will be putting a lot of money into it, and want the most for of my money,” Jameela added.
