Monday, 7th June 2004 (4234 views)

The rising gold price in Oman has not deterred consumers as latest figures have revealed a surge in gold and jewellery sales.

Jewellery trade outlets are claiming the reason for the increase is a rush in holidaymakers and the marriage season, since the price of gold is currently at around $391-395.

According to the Oman Observer, many jewellery outlets have experienced a big rise in sales compared to last season, with increases of between 10 to 20 per cent.

Moaz Barakat, Managing Director, Middle East, Turkey and Pakistan, WGC, said: "The investment in gold as a financial asset has increased in-line with the global trend.

"Improved performance of gold in the Middle East has been attributed to the strong oil price which provided as a background for consumer optimism in the UAE and Saudi Arabia both of which reported strong year-on-year rises in tonnage terms."

Recent World Gold Council (WGC) statistics have shown that first quarter 2004 gold sales have grown by 32 per cent in Oman.

 

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