Muscat: Gold prices crossed OMR51 per gram in Oman on Tuesday morning.
Shopkeepers in Ruwi said gold prices have surged to record highs, with 24K gold reaching OMR 51.85 per gram and 22K gold at OMR48.40 per gram.
This marks a significant increase from earlier price, when 24K gold was priced at OMR41.65 per gram in August.
Globally, gold prices surged to a new record high of $4,100 on Tuesday, driven by growing expectations of US Federal Reserve interest rate cuts and renewed US-China trade tensions that spurred safe-haven demand.
Silver prices soar
Silver also rallied to an all-time high.
Spot gold rose 0.4% to $4,124.79 per ounce, after touching a record $4,131.52 earlier in the session.
US gold futures for December delivery gained 0.3% to $4,143.10.
The precious metal has climbed nearly 57% since the beginning of the year, breaking above the $4,100 mark for the first time on Monday.
The rally has been underpinned by geopolitical and economic uncertainty, expectations of monetary easing, robust central bank purchases, and strong inflows into gold-backed exchange-traded funds. Spot silver advanced 0.3% to $52.49 per ounce, after earlier hitting $52.70.
Among other precious metals, platinum rose 0.5% to $1,653.45 per ounce, while palladium added 1.6% to $1,498.25, its highest level since May 2023.