Good time to sell your gold as prices soar in Oman

Muscat: With gold prices being the highest they’ve been in about eight years, gold vendors in Oman have said now is the best time for people who’re looking to sell gold.

As of Monday morning, customers in Oman who plan to buy 24-carat gold jewellery needed to spend OMR20 per gram. In addition, the price of 22-carat gold was OMR19.3 per gram.

Commenting on this, Sathish Kumar, the assistant regional manager at Joy Alukkas, said that gold has a reputation of safe investment during global trade uncertainties.

“The ongoing trade issues between the United States and China, as well as geopolitical uncertainties have caused this price rise in gold,” he said.

“Gold has always been a solid investment, and because there are uncertainties over the prices of other investment commodities, there is more demand for people to invest in gold.

“We have already had some enquiries from people regarding the selling of gold, because it is now the highest it has been since maybe 2011 or 2012, when the price of 22-carat gold reached about OMR22 or 23, and the price of 24-carat gold was about 700 baisa more than that,” added Kumar. “Last year, the price of gold was significantly lower, at about OMR 14 or 15 for a gram of 22-carat gold jewellery, so the cost has gone up this year.”

He also said that Joy Alukkas would accept sales of gold from customers, but at a slightly reduced rate in comparison to when that gold was bought. “Of course, we will take back gold as well, but if the person has bought the gold from us, then we will take at a price that is four per cent less than its cost,” explained Kumar. “If it is from an outside vendor, then the reduction rate will vary. It will be about eight to 10 per cent less.”

Adding to this, Malabar Gold and Diamonds’ Regional Head, K Najeeb, said, “It is a good time to sell the gold for those who want to capitalise on the price increase. Those who have bought gold at a lower price can expect to make a profit when they sell when the prices are high. As all other investments are currently yielding a negative growth, gold is the only investment which is showing positive trends.

“There are multiple reasons on a regional and global scale for the increase in gold prices,” he added. “We expect the prices for gold to continue increasing in 2020 as well.”

Gold prices have reached similar rates across the rest of the GCC countries, with customers who wish to buy it in the United Arab Emirates having to pay AED 179.25 for 22-carat gold, and AED190.75 for 24-carat gold.

These rates have also been reflected in Bahrain (18.4 Bahraini Dinars for 22-carat gold, 19.4 Bahraini Dinars for 24-carat gold), Qatar, where the prices is 181.5 Qatari Riyals for 22-carat gold, and 190.75 Qatari Riyals for 24-carat gold, and Saudi Arabia, where gold is priced at 182 Saudi Riyals for 22-carat gold and 195 Saudi Riyals for 24-carat gold.

Over in Kuwait, 22-carat gold will cost customers 14.95 Kuwaiti Dinars, while 24-carat gold will set them back 15.75 Kuwaiti Dinars.