Gold imports to Oman are up 41% in 2024

MUSCAT: The Sultanate of Oman's total gold imports by the end of May this year increased by 41 per cent to reach RO 176,591,960, compared to the same period in 2023, which recorded about RO 125,100,929.

The total weight of gold imported by the Sultanate of Oman by the end of May 2024 amounted to about 8,443 kilograms, compared to 5,675 kilograms in the same period in 2023, according to data issued by the National Center for Statistics and Information.

The United Arab Emirates came in the list of countries exporting gold to the Sultanate of Oman at the end of May 2024, with a value of RO 170,395,964, followed by Hong Kong with RO 3,173,485, followed by Turkey with RO 1,420,125 and Kingdom of Bahrain with RO 680,688, and Russia with RO 314,615.

The total value of the Sultanate of Oman's gold exports amounted to RO 14,690,377 at the end of May of this year, a decrease of 23 per cent compared to the same period in 2023, when the value of exports amounted to RO 18,990,962.

The total weight of gold exported by the end of May of this year amounted to about 510 kg, compared to 924 kg by the end of May of 2023.

The United States of America came at the forefront of countries importing gold from the Sultanate of Oman by the end of May 2024, with a value of RO 7,228,175, followed by the United Arab Emirates with RO 6,004,272, Hong Kong with RO 603,488, the Republic of India with RO 475,584, and the Kingdom of Bahrain with RO 203,601.

Iran came at the forefront of the countries to which gold was re-exported from the Sultanate of Oman by the end of May 2024, with a value of RO 41,594,815, followed by Turkey RO 3,833,541, the United Arab Emirates RO 3,346,732, the United States of America RO 3,183,838, and the Republic of India RO 23, 374.

The average price of a gram of 24-carat gold rose by the end of the second quarter of this year to RO 29.950, compared to RO 26.400 by the end of the first quarter of this year, while the average price of a gram of 21-carat gold rose to RO 25.833, compared to RO 22.717, and the average price of 18-carat gold was RO 22.33, up from RO 19. 350.

The total number of establishments and facilities operating in the retail sale of gold and jewelry reached 771 by the end of the second quarter of 2024, including 536 in Muscat Governorate.