Gold exports from the UAE to Oman reach $433m

Unsplash.com/Alexander Grey

The UAE emerged as the leading gold exporter to Oman in the first five months of 2024, with exports valued at OMR170 million ($443 million).

Hong Kong followed with exports of OMR3.2 million and Turkey with OMR1.4 million, state-run Oman News Agency reported, citing data from the National Center for Statistics and Information.

The total value of gold exports stood at OMR14.7 million at the end of May, down 23 percent year on year. The total weight of gold exported reached 510 kg, falling 45 percent year on year.

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Despite the drop in volume, gold prices rose during the period. The average cost of 24-carat gold increased to nearly OMR30 per gram by the end of the second quarter of 2024, up from OMR26 per gram at the end of the first quarter.

The average price of 21-carat gold also increased, rising to OMR26 per gram from OMR 23, while 18-carat gold climbed to OMR22 per gram from OMR19.

In terms of imports, the US was the largest importer of Omani gold, with purchases valued at OMR7.2 million.

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The UAE followed with imports worth OMR6 million, while Hong Kong, India, and Bahrain imported gold valued at OMR603,488, OMR475,584, and OMR203,601, respectively.

Iran topped the list of countries receiving gold re-exports valued at OMR42 million, followed by Turkey at OMR3.8 million and the UAE at OMR3.3 million, the report said.