MUSCAT: Gold prices in Oman on Tuesday surged to new highs, driven by a rally in global rates amid US-Iran tensions.
According to figures released by Malabar Gold and Diamonds, the price of 24-carat gold touched OMR 19.8 on Tuesday. The price of 22-carat gold is OMR 19.1 per gram.
Speaking to The Arabian Stories, Najeeb K, Regional Head of Malabar Gold and Diamonds expected the gold price to increase further this year. “Gold has performed well as an investment in 2019 and the trend continues into 2020 as well. We expect the price for gold to continue increasing in 2020 due to multiple reasons on a regional and global scale,” Najeeb pointed out.
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A safer investment
According to Najeeb, on a retail level, the continuous increase in price has made many consumers to make their purchase as there is a further expectation for the price to go up as gold is seen as safer investments during times of financial uncertainty. “Gold is the only ideal investment which is showing a positive trend in comparison to other options. Gold’s high market liquidity enables easy selling without having to alter the price. Besides, it is a movable asset whose value does not witness depreciation with uncertain economies,” Najeeb noted.
“We have our Malabar Gold & Diamond Festival campaign going on valid till 11 Jan 2020 with attractive offers on Gold, Diamond & precious Gem jewellery. Also 0% deduction offers on 22k (GCC) Gold Exchange,” Najeeb added.
