22-karat gold crosses RO60 mark in Oman; likely to hit more new highs

Muscat: The gold prices continue to hit the roof in the world, including in the Sultanate of Oman. 

According to a leading jewellary retailer in the Sultanate of Oman, the 22-karat gold crossed the RO60 mark on Monday to close at RO60.200. 

On Tuesday, it was trading at RO60 in the morning. Among other categories, 24-karat gold was trading at RO64.25,0 and the 18-karat gold at RO47.400.

Gold has soared past $5,000 for the first time, and could hit $6,000 by the end of the year, as the current situation stands, as per an independent financial advisory organization.

 Nigel Green, CEO of deVere Group, said the metal’s explosive rise signals a profound shift in how global investors perceive political risk, debt, and currency stability.

“Gold crossing $5,000 reflects a deep reassessment of global power, policy, and capital.

 “Investors are seeking certainty in an era where sovereign bonds and fiat currencies look increasingly fragile.”

 The rally has unfolded against a backdrop of escalating geopolitical tension and policy realignment since Donald Trump returned as US president.

 His administration’s aggressive stance on trade, defence, and alliances has altered global expectations, creating volatility across currencies and government bond markets.

 “Markets price stability, and current policy direction introduces a level of unpredictability that pushes capital toward hard assets,” says the chief executive.

 “Gold benefits when political signals create uncertainty about growth, inflation, and international cooperation.”

 The surge also reflects mounting concern over government borrowing. Debt levels across major economies continue to rise, with fiscal expansion now entrenched as a political strategy. Investors are increasingly questioning whether bonds can protect purchasing power in such an environment.

 “Gold is also reacting to a debt supercycle that shows few signs of reversal.

 “When governments lean heavily on borrowing, investors hedge against currency debasement and long-term inflation.”

 “Gold is stepping back into its historical role as a store of value when trust in debt markets weakens.”

 Central banks have amplified the rally through persistent accumulation. Official sector purchases have exceeded a thousand tonnes annually in recent years as countries diversify reserves away from the dollar and euro.

 “Central banks are voting with their balance sheets. Their accumulation of gold signals a strategic pivot toward assets outside the Western currency system,” explains the deVere CEO.

 Private investors have followed. Exchange-traded funds, institutional portfolios, and retail buyers have all increased allocations as macro uncertainty intensifies.

 “This alignment between central banks and private capital creates powerful momentum,” says Nigel Green. “When both sides of the market buy for structural reasons, price moves become self-reinforcing.”

“Gold is the market’s trust barometer,” says Nigel Green. “A move of this magnitude shows investors questioning the durability of monetary and fiscal frameworks.”

 The political economy backdrop reinforces the trend. Rising living costs, fiscal populism, and geopolitical fragmentation are reshaping investor behaviour and risk preferences.