MUSCAT: Gold prices in Oman have surged to record highs, with 24K gold reaching OMR 46.95 per gram and 22K gold at OMR43.85 per gram on Monday afternoon.
This marks a significant increase from earlier in the year, when 24K gold was priced at OMR41.65 per gram in early August.
The recent surge has left many consumers and investors in a dilemma: should they purchase gold now, anticipating further price increases, or wait, speculating that the rally may soon peak?
Analysts suggest that if the current trend continues, 24K gold could reach OMR 50 per gram later this year.
Mohammed Suleiman Chaki, manager of Al Haseena Jewellery, a leading gold and diamond jewellery outlet on the main Ruwi High Street said: “The surge signals a drop in sales and with the festival season of Diwali coming next month, we are certainly worried that this surge may impact sales this year.”
The veteran manager, who has been handling jewellery outlets in Oman for more than three decades added: “The price is besides the 5 percent VAT that will be added to the gold for customers. So the overall price is already touching OMR 49.2 for 24K and OMR 46 for 22K.”
Experts attribute the rise in gold prices to several factors.
The U.S. Federal Reserve’s recent 25 basis point rate cut in September — the first since early 2025—has influenced global financial markets, prompting investors to seek safer assets like gold. Additionally, economic uncertainties, including a weakening U.S. labour market and slowing job growth, have further fueled demand for gold as a hedge against potential economic downturns.
In Oman, gold has traditionally been both a popular investment and a key part of cultural practices, especially in jewelry purchases. The latest price movement highlights the growing influence of international market dynamics on local prices, making it increasingly important for buyers and sellers to monitor trends closely.
As gold continues to reach new highs, analysts expect the market to remain volatile in the coming weeks. For now, investors and consumers alike are keeping a close eye on the markets, weighing the benefits of buying against the risks of waiting, as Oman witnesses an unprecedented chapter in its gold trading history.
