Muscat: Spot gold rose 0.5 per cent to $4,615.27 an ounce, while US gold futures gained 0.4 per cent to $4,669.50.
The recovery came after gold prices declined sharply on Wednesday as US inflation data reinforced expectations that interest rates could remain elevated. Investors are now closely watching Warsh’s comments this week for indications of the Federal Reserve’s next monetary policy move.
Higher interest rates generally reduce the appeal of gold, which does not offer interest or yield, while expectations of lower rates tend to support demand for the precious metal.
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Other precious metals also moved higher. Spot silver rose 1 per cent to $68.77 an ounce, while platinum gained 0.7 per cent to $1,842.88.
Palladium climbed 0.3 per cent to $1,332.34 an ounce, as the broader precious metals market recorded gains.
