Gold prices Oman surged to record highs, reflecting growing global uncertainty and investor demand for safe-haven assets. Local jewelers in Ruwi reported that 24K gold reached OMR 51.85 per gram, while 22K gold climbed to OMR 48.40 per gram.
This represents a sharp rise from August, when 24K gold traded at OMR 41.65 per gram. Analysts say the spike signals increasing interest from both domestic and international buyers. Consequently, Oman’s gold market is experiencing unprecedented trading activity.
The global gold market also hit record levels, with spot gold climbing to $4,124.79 per ounce. Earlier in the session, gold touched a historic high of $4,131.52 per ounce. US gold futures for December delivery rose 0.3 percent to $4,143.10.
Experts note that gold has surged nearly 57 percent since January, reflecting a combination of geopolitical tensions and economic uncertainty worldwide. The rally has also been fueled by expectations of US Federal Reserve interest rate cuts.
Silver followed a similar upward trajectory, reaching all-time highs. Spot silver advanced 0.3 percent to $52.49 per ounce, after touching $52.70 earlier. Among other precious metals, platinum rose 0.5 percent to $1,653.45 per ounce, while palladium added 1.6 percent to $1,498.25, marking its highest level since May 2023. Analysts attribute the gains in silver, platinum, and palladium to strong demand from industrial and investment sectors.
Market observers highlight that safe-haven demand, combined with central bank purchases and inflows into gold-backed exchange-traded funds, is sustaining the price momentum. They also expect prices to remain elevated in the near term, as geopolitical tensions and trade uncertainties persist. Jewelers in Oman are adjusting their pricing and inventory strategies to meet increased consumer demand.
Looking ahead, analysts predict continued interest in gold and other precious metals as investors seek security amid volatile global markets. Furthermore, monetary policy expectations in the United States and other major economies could further influence gold prices Oman. As a result, the country’s gold and precious metals sector is likely to remain dynamic and highly active for months to come.
