Saturday, April 13, 2024 | Shawwal 3, 1445 H
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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Gold hits new record high

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Gold hit another fresh record high Monday as investors grow confident that the US Federal Reserve will cut interest rates this year.


In Oman's jewelry market, gold was trading at RO28.8 per gram for 24 karats, RO27.400 per gram for 22 karats, and RO21.150 per gram for 18 karats.


The precious metal has enjoyed healthy buying interest this year as the US central bank hints at an easing of credit conditions. On Monday it hit a new high of $2,256.44, according to Bloomberg News.


Adding to the upward pressure on prices is its demand as a haven in times of turmoil owing to growing geopolitical tensions.


Meanwhile, traders are also keeping a close eye on developments in the long-running Ukraine conflict because bullion does not generate any interest, it benefits when central banks lower borrowing costs as its safe-haven status makes it more attractive to investors.


Indian gold market hit an all-time high on Monday, tracking gains in overseas markets and squeezing demand in the world's second-biggest consumer of the precious metal, dealers said.


Domestic gold futures rose to $834.07 per 10 grams, up nearly 10% so far in 2024.


India's gold imports are set to plunge by more than 90% in March from the previous month to hit their lowest since the COVID pandemic, a government official and two bank dealers told Reuters last we


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