Muscat: Slightly rising gold prices will not have a negative effect on sales, the jewelers said.
They added that they expected strong sales on the occasion of the Diwali and Dhanteras holidays in the first week of November.
Gold prices edged up from 14,750 OMR per gram (22 carats) on Monday morning to 14,800 OMR in the evening. The yellow metal went for the same price on Tuesday and Wednesday.
As of Sunday, the price of the precious metal had been OMR 14,700 per gram. So that’s an increase of 100 kisses in three days.
The value of gold hit its highest of the month on September 6, hitting 14,850 OMR per gram.
This comes against the backdrop of falling gold prices in the recent past. In fact, the price of the yellow metal had fallen to the lowest in 10 months during the third week of July at OMR 15.05 per gram. The price had been falling for about two months, before stabilizing and appreciating slightly.
Representatives of Malabar Gold said that despite the slight increase in the value of gold, prices were lower than last year. “The price of gold hasn’t risen much over the past two weeks and slight swings often occur.
“There aren’t a lot of fluctuations in the price of gold these days. It’s been relatively stable, and right now it’s a golden opportunity for clients, ”said Najeeb K, regional manager of Malabar Gold and Diamonds.
“Diwali is the biggest (Hindu) festival where customers prefer to buy gold. We expect good attendance this Diwali, and in addition, the relatively low price of gold will be an advantage for customers. In addition, we have started to book and select in advance for this Diwali ”,
he added.
‘Diwali generally good’
Najeeb insisted that Diwali’s gold rush would not be negatively affected due to the slight price increase, adding that the company would court potential consumers harshly as the holiday season approaches.
“Of course, Malabar Gold and Diamonds has always performed well during Diwali and we will put all our efforts into it this time as well. It’s a good opportunity for customers to buy gold, and customers know how to use it, ”he added.