Gold hit another record high, as global uncertainty over conflict in the Middle East and an extremely close US presidential election boosted bullion's appeal on Monday.
Gold prices in Oman are:
24 Carat – RO34.650
22 Carat – RO32.550
18 Carat – RO25.550
Optimism over Beijing's slew of stimulus measures first announced late in September has turned into caution in recent days as investors look to further details of more fiscal support from policymakers.
Though China cut its benchmark lending rates on Monday, the move was anticipated.
Further details on Chinese stimulus might take some time to emerge. "We might have to wait until late October or early November for concrete plans from the Standing Committee meeting of the National People's Congress," said Chaoping Zhu, global market strategist at J.P. Morgan Asset Management in Shanghai.
"One of the clearest Trump trades so far has been gold, given his belligerent stance on trade and willingness to weaponize the dollar, keeping demand for diversification well supported among emerging central banks," said Arun Sai, senior multi-asset strategist at Pictet Asset Management.
The uptick in gold is bolstered by ongoing geopolitical tensions in the Middle East, uncertainties around the US Elections, and easing monetary policy expectations from the US Fed. "With the conflict intensifying investors are flocking to gold, a traditional safe-haven asset," said experts metals.
The prospects of further Fed rate cuts continue to underpin the Gold price. The US central bank lowered its interest rates for the first time in more than four years in September.
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