Gold sales jump ahead of Di­wali

Times of Oman - - FRONT PAGE - Times News Ser­vice

Sales of gold in Oman have shot up by 500% ahead of Di­wali, a lead­ing gold ven­dor in the Sul­tanate has said.

Di­wali is of­ten cel­e­brated al­most im­me­di­ately after the In­dian fes­ti­val of Dhanteras, when South Asian fam­i­lies of­ten pur­chase metal­lic goods, as they be­lieve it brings good for­tune to their homes.

“The sale of gold has only in­creased through the fes­tive sea­son,” said K Na­jeeb, re­gional di­rec­tor for Oman at Mal­abar Gold. “On the aus­pi­cious day of Dhanteras, we got an al­most 500% in­crease in foot­fall and sales. Gold is still con­sid­ered a valu­able in­vest­ment and the gold price is favourable for cus­tomers to make pur­chases.”

“The over­all price trend these days is still very pos­i­tive for gold buy­ers,” he added.

“Add to it the fes­tive sea­son, and this means it is a great op­por­tu­nity to buy and gift gold jewellery. The price of gold has not seen any sub­stan­tial dif­fer­ence in the last few weeks, al­though slight variations of­ten hap­pen. We have wit­nessed a pos­i­tive trend in sales fig­ures since we started our Di­wali pro­mo­tion.”

In­dia is cur­rently the sec­ond­largest buyer of gold jewellery and or­na­ments after China, ac­count­ing for 97.9 tonnes or 22% of the world to­tal when it comes to buy­ing the yel­low metal, and In­di­ans in the Sul­tanate seem to fol­low a sim­i­lar trend.

Ra­manuj Venkatesh, a fi­nan­cial an­a­lyst with ex­pe­ri­ence in both Oman and the UAE, added that the in­crease in oil prices would raise hopes among peo­ple, who had been re­luc­tant to spend for so long.

Newspapers in English

Newspapers from Oman

© PressReader. All rights reserved.