MUSCAT : Spot gold was trading at $3,337.60 per ounce, while US gold futures dipped 0.1 percent to $3,343.10. The yellow metal has slipped 0.5 percent so far this week, pressured by a resilient dollar and strong US retail data.
The US dollar edged down 0.1 percent today against a basket of currencies but is poised to post a second straight weekly gain. A firmer dollar tends to make gold more expensive for investors holding other currencies, dampening demand.
Boosting the greenback, US retail sales rose more than expected in June, climbing 0.6 percent following a 0.9 percent decline in May. The data reflects ongoing economic resilience, which could influence the Federal Reserve’s stance on interest rates.
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Gold, traditionally seen as a hedge during times of economic uncertainty, often gains value when interest rates fall. But with solid economic indicators and a rising dollar, the metal has struggled to gain momentum this week.
In contrast, platinum rose 0.1 percent to $1,458.80 an ounce—its highest since August 2014—while palladium gained 1 percent to $1,293.32, marking its highest since August last year. Silver remained steady at $38.13.
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