Muscat: Spot gold declined by 0.4% to $3,313.23 per ounce in intraday trading, bringing its weekly loss to 1.7%. US gold futures were also down, shedding 0.7% to $3,325.70 per ounce.
Analysts attribute the downward pressure to a modest uptick in the dollar and persistent uncertainty in the Middle East, which have dampened safe-haven demand for the precious metal. Investors are also cautious ahead of key US inflation data expected soon, which could shape the Federal Reserve’s future monetary policy decisions.
Meanwhile, other precious metals saw mixed movements. Spot silver held steady at $36.63 per ounce. Platinum slipped 1.8% to $1,391.28 after briefly hitting an 11-year high earlier in the session. Palladium, in contrast, climbed 1.4% to $1,147.78—its strongest level since October 2024.
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