Muscat: A number of gold traders and shop owners in the Sultanate of Oman confirmed that there has been a rise in gold prices since the beginning of this year due to geopolitical and financial reasons.
They explained that the continuous rise in gold prices has led to a noticeable weakness in purchasing activity in the markets in the Sultanate of Oman, which has contributed to a decline in sales of gold jewellery, causing a burden on traders and shop owners in this field.
Mohammed Amin bin Adam al Sayegh, owner of a gold shop in Muttrah Souq, said: The rise in gold prices in global markets is a result of geopolitical conditions and the large fluctuations in financial markets.
He added that the price of a gram of gold without workmanship rose from about RO22 at the beginning of 2024 to RO27 per gram currently, explaining that this contributed to a decrease in purchasing activity, although the wedding season in the Sultanate of Oman began about two months ago.
He pointed out that as a result of the rise in gold prices, some people have turned to buying silver and gold-plated jewelry instead of gold, which has affected the owners of gold shops and traders in the Omani market, indicating that the percentage of decline in gold sales in the Omani market has reached 30 percent during the past months of this year.
Sadiq Bin Dawood al Sayegh said the price increase came as a result of speculation in the markets of producing and importing countries, the conditions in the Middle East region, and the control of some commercial investors over gold prices.
He stressed that the continuous rise in gold prices would affect shop owners and traders, leading to a move towards entering other alternative economic sectors.
Authorities in Oman ensure that there are continuous inspection campaigns in gold shops and workshops to ensure the quality of the displayed jewellery.
Buyers are urged to verify the daily price of gold displayed on the screens in the shop with the presence of the stamp and seal that indicate the type and quality of the product.
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