Muscat: This comes after U.S. economic data hinted at cooling inflation.
Spot gold held firm at $2,621.19 an ounce, while U.S. gold futures dipped 0.3% to $2,637 an ounce. Analysts suggest that slowing inflation could ease pressure on the Federal Reserve to raise interest rates, providing support for non-yielding assets like gold.
Other precious metals showed a mixed performance. Silver rose 0.3% to $29.59 per ounce, maintaining its upward trajectory, while platinum gained 0.4% to $929.83 per ounce. In contrast, palladium slipped 0.9% to $912.21 per ounce, reflecting varied demand trends in the metals market.
Read More
- Omani Brand AMTUR Gold & Diamonds expands to Qatar with opening of 14th branch
- Development Bank Sustainability expert joins Duqm Summer Podcast Series
- Oman refinery output falls 3.7% to 129 million barrels
- GCC stock trading rises 19.5% as markets record $618 billion in deals
- Oman Air creates first-ever Chief Guest Experience Officer role
