Planning to buy gold? This is the perfect time

Sale of gold in Oman is expected to witness a sharp increase as prices of gold fell, gold merchants in Oman said.

Gold prices fell by 4 per cent, for the first time in two-and-a-half years, as the dollar rose ahead of the Federal Reserve meeting, which is expected to raise interest rates for the first time this year.

“Prices of gold may go higher soon. Our sales is strong. We can expect the prices of gold to go up due to US dollar and interest rates. It can go up to $1,400 per ounce and we can expect it to be time for investment,” Mohsin P, Branch Manager at Malabar Gold said.

“There is a drop in sales in Dubai due to implementation of the VAT. We have seen sales strong thanks to our strong marketing campaigns.”

Price of gold in Oman for 24K was OMR16.800 on Wednesday, which is close to the lowest in the last 30 days that was OMR16.700.

Highest price reached in the past month was OMR17.200 per gram. “We are expecting to see more sales in the months to come. Ramadan is close so we expect people to buy. Moreover, for investment purpose, it may be a good time to buy as prices globally are expected to rise,” another jeweler in Oman said.

He also said that this is the perfect time to buy gold. “You never know when the prices will shoot up,” one of them said.

Price per ounce on Wednesday was OMR522.540 for 24K and OMR500.770 for 22K.

The spot price of gold fell by 0.3 per cent to $1,312.97 an ounce (28.3 gm) by 10:02 GMT, while the dollar rose slightly against a basket of major currencies.

Gold for April delivery fell by 0.4 percent to $1312.50 an ounce, while silver lost 0.1 per cent in spot transactions to $16.28 per ounce and traded at the lowest level in three months.

Platinum fell by 0.5 per cent to $948.30 an ounce, after touching Tuesday’s lowest level since January 3. Palladium fell by 0.2 per cent to $ 987.97 an ounce.