Muscat: Spot gold dropped 0.3% to $2,627.60 per ounce, while U.S. gold futures declined 0.5% to $2,627.00. The dollar index increased by 0.1%, making gold less appealing to non-dollar investors.
Market sentiment has been shaped by recent core personal consumption expenditures data, which hinted at slowing inflation. This has fueled expectations that the Federal Reserve’s approach to monetary policy in 2024 could be less aggressive than anticipated.
According to the CME FedWatch tool, there is now a 64.7% probability of a quarter-point rate cut in December, reflecting tempered optimism among investors.
Read More
- Oman’s military medical city uses robotic system to remove kidney tumour
- Six jailed in Oman over Mazoon Dairy embezzlement and bribery case
- Oman deepens China ties, elevates Brunei relations in His Majesty Sultan Haitham’s Asia visits
- HH Sayyid Bilarab patronises Royal Guard of Oman’s Annual Day celebrations
- Oman partners with Visa to attract high-spending luxury travellers
With U.S. markets closed for Thanksgiving, trading volumes remained light. Other precious metals mirrored gold’s decline, with silver falling 1% to $29.78 per ounce, platinum dipping 0.1% to $928.05, and palladium holding steady at $972.75.
