Muscat: The gold prices in the Sultanate of Oman have touched new highs on Tuesday. The rate for 24-karat gold is now RO54.60 per gram, RO50.900 for 22-karat, RO40.60 for 18-karat, and 47. 82 for 21-karat.
According to Century Financial Research, "From a technical stance, gold hit an all-time high at $4,381 on Monday. Looking ahead, on the 4-hour chart, a bearish RSI divergence can be witnessed, supporting a bearish stance in the day. On the 4-hour chart, gold is obtaining support from the 4-period EMA at the $4,318 mark; a break below this level would be a pivot, as gold could then target $4,275-4,279 on the downside. On the hourly chart, this level marks the breakout retest from an ascending triangle formation. On the flip side, gold has resistance at the $4,355 mark, followed by $4,378."
"Gold is down today by 0.54 percent and is currently trading at $4,332. From a fundamental stance, India and the US seem to have made substantial progress in their trade agreements as both sides are approaching the signing of a deal," Century Financial Research said.This has pressured the price of gold today. However, it must be noted that the dialogue of the US urging India to cut imports of oil from Russia persists and is expected to remain a key sticking point in the negotiations. Furthermore, Trump stated that there would be a meeting with Xi in South Korea, which again is exerting pressure on the price of the yellow metal.
According to tradingeconomics.com, gold traded little changed around $4,330 per ounce on Tuesday, holding near the record high reached yesterday, as profit-taking emerged and traders awaited fresh market catalysts.
US Treasury Secretary Scott Bessent is scheduled to meet Chinese Vice Premier He Lifeng in Malaysia this week, ahead of high-level talks between President Donald Trump and President Xi Jinping. Meanwhile, the ongoing US government shutdown continued to weigh on sentiment, though White House suggested the impasse could be resolved this week, the website said.
At the same time, the Federal Reserve is widely expected to cut the federal funds rate by 25 basis points next week, with another reduction likely in December. So far this year, gold has surged more than 60%, driven by expectations of further Fed easing and sustained safe-haven demand, it added.
Gold prices surged more than 2 percent on Monday, trading above $4,345 per ounce, a new record high.
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