The gold prices in Muscat have seen a significant increase on the first trading day of the week, with a rise of 250 baisas per gram. At 2pm Oman time on Monday, 24K gold reached a new high of OMR34.65 per gram. This surge in prices is attributed to several factors, including escalating tensions in the Middle East, the tightening United States election race, and the upcoming Indian festivals of Diwali and Dhanteras, which traditionally see higher demand for gold.
Dhanteras, which falls on Tuesday, October 29, is considered extremely auspicious for purchasing gold, especially among Hindus. Diwali, the festival of lights, which follows on Saturday, October 31, also sees increased demand for gold. Despite the high prices, jewellery shops in Oman are anticipating a rise in sales during the festive season. Many shops are offering special promotions and discounts to make the most of the heightened demand during this time.
One of the prominent jewellers in Oman, Malabar Gold & Diamonds, has announced a range of exclusive offers and discounts for customers during the festive season. Customers purchasing gold and diamond jewellery from their showrooms will be eligible for a free gold coin on their purchase. Additionally, special buy counters offering selected jewellery at discounted prices have been set up in their showrooms. The ‘Pay 10% Advance’ offer introduced by the jeweller allows customers to lock in the current rate and secure the best price even amidst market fluctuations.
In anticipation of the increased demand during the festive season, jewellery shops in Ruwi High Street are planning to keep their stores open till midnight to cater to customers looking to make purchases. Despite concerns about the recent price hikes in gold, jewellers are confident that customers will adjust to the prevailing prices, especially during the festive season. Many customers are taking advantage of the promotions and offers to make their purchases and take advantage of the current rates.
The current high prices of gold are likely to continue to fluctuate based on various global factors, including geopolitical tensions and economic uncertainties. However, with the festive season in full swing and special offers and promotions available, customers are expected to capitalize on the prevailing prices to make their purchases. As the festive days of Diwali and Dhanteras approach, the demand for gold is expected to remain strong, driving sales in jewellery shops across Oman.
