Will gold lose its sheen over silver?

MUSCAT: With gold rates ruling the roost and parading like never before, slightly spiralling over the past few days, the pertinent question arises: how long will the sheen of the yellow metal last? Will silver take over the position, racing alongside gold?

In Oman, gold rates, after hitting the highest in March 2026, have experienced a slight decrease in the past few days. The 24-carat is sold in the retail market at RO 59.30 per gram; 22-carat at RO 55.35 per gram; 21-Karat (1g) at RO 51.30, while 18-Karat (1g) reached RO 45.30, showing clear volatility following significant price drops earlier in the month, often described as a ‘correction’ after previous highs.

On the other hand, silver prices in Oman are experiencing a significant surge, outperforming gold in early 2026 due to booming industrial demand, specifically from AI and green technology, alongside supply constraints. As of early 2026, silver prices surpassed $40-$50 per ounce, with local rates in Oman reflecting this sharp upward trend. One gram of silver costs RO 0.902, while a kilo of silver bar is RO 902.471.

Gold is both an investment asset and a consumer good. It is also a growing component of central banks’ foreign exchange reserves. In times of risk, investors increasingly turn to gold. In times of economic growth, gold gains in attractiveness. It is sensitive to political decisions, particularly those regarding interest rates. For silver, industrial demand dominates its value.

Overall, it should be noted once again that silver and gold complement each other. Mining companies that hold both silver and gold should be in a strong position.

Jihas Jabbar, Country Manager of Rizan Gold, says that demand for silver is very strong in the market, but chances are less that it would replace gold in the near future. “The trend is such that prices will shoot up in the future, but the value of gold will remain the same, even more so as the yellow metal has become an integral part of human beings,” Jihas said.

Dr Fatma, Marketing Manager of SeaPearls Gold and Diamonds, also admits that silver is emerging as the new hero - stylish, versatile and available in stunning variants like gold-plated designs that beautifully mimic the charm of gold. It is modern, accessible and trending.

“But despite all the innovation and alternatives, gold continues to shine — now in its newer, smarter avatars like 9K and 14K — making it more wearable, more affordable and more relevant than ever. No matter how markets evolve, no other metal can truly take its place. Gold is not just an investment; it is a legacy, a symbol of trust and a part of our traditions,” she said.

Mohammed Nihas of Elite Jewellery opined that gold is always a strong metal, but people are now turning to silver because it is also in high demand and people find it easily affordable and a good investment as well.

Mohammed Rias, Country Manager of SeaPearls, too shared a similar sentiment, saying that in a time when gold prices are soaring higher than ever, its value in people’s lives remains unchanged — timeless, emotional and irreplaceable.

“Gold will not be replaced by silver any time in the future because it is not only an investment but also a matter of pride and part of life. No human being, especially Asians, who are the largest chunk of gold customers, can think of an auspicious occasion without the yellow metal,” said Rias.