Gold Prices Surge to New Heights in Oman: Implications for Investors and Jewelers Amid 22-Karat Rates Exceeding RO50
Muscat: Gold prices in the Sultanate of Oman reached record levels on Tuesday. The current rates are RO54.60 per gram for 24-karat gold, RO50.90 for 22-karat, RO40.60 for 18-karat, and RO47.82 for 21-karat.
According to Century Financial Research, "From a technical perspective, gold achieved an all-time high of $4,381 on Monday. Looking ahead, a bearish RSI divergence is evident on the 4-hour chart, indicating a potential downturn for the day. Support is found at the 4-period EMA level, currently around $4,318; a breach below this support could lead gold to target the $4,275-4,279 range. Conversely, resistance is noted at the $4,355 mark, followed by $4,378."
Gold prices experienced a 0.54% decline today, trading at approximately $4,332 per ounce. The report highlights that substantial progress has been made in trade agreements between India and the US, as both sides move closer to signing a deal. This development has applied downward pressure on gold prices. However, ongoing discussions regarding the US urging India to reduce its oil imports from Russia remain a contentious point in negotiations. Additionally, a planned meeting between former President Trump and President Xi is also influencing market sentiment.
As reported by tradingeconomics.com, gold prices remained relatively stable around $4,330 per ounce, consolidating near the record highs from the previous day amidst profit-taking and anticipation of new market developments.
US Treasury Secretary Scott Bessent is set to meet with Chinese Vice Premier He Lifeng in Malaysia this week, prior to high-level discussions between President Trump and President Xi Jinping. Meanwhile, the ongoing US government shutdown continues to impact market sentiment, although there are indications that the deadlock might be resolved this week.
Additionally, the Federal Reserve is widely anticipated to reduce the federal funds rate by 25 basis points in their upcoming meeting, with another decrease likely in December. This year, gold has surged over 60%, fueled by expectations of further easing from the Fed and enduring safe-haven demand.
Notably, gold prices surged more than 2% on Monday, trading above $4,345 per ounce—marking a new record high.
Special Analysis by Omanet | Navigate Oman’s Market
The recent surge in gold prices in Oman, hitting an all-time high, reflects both opportunities and risks for local businesses. With potential for increased investment in gold-related ventures, enterprises must also be wary of a possible price correction as market pressures mount from geopolitical developments and anticipated changes in U.S. monetary policy. Smart investors should consider diversifying their portfolios and staying agile in response to shifting market dynamics, particularly as global trade agreements evolve.
