Muscat: Spot gold rose 0.9 percent to $3,392.90 per ounce, while US gold futures edged up 0.2 percent to $3,399.80. The uptick follows warnings from the Federal Reserve about mounting inflationary pressures and uncertainties in the job market, prompting a shift towards safe-haven assets.

While gold remains below its record high of $3,500.05 reached on April 22, today’s gain reflects ongoing investor caution amid a volatile global economic outlook. Market participants are also closely watching upcoming discussions between the US and China, which could significantly impact global trade dynamics and market sentiment.

In the broader precious metals market, spot silver jumped 1.2 percent to $32.85 per ounce. Platinum saw a 0.9 percent increase, trading at $982.81, while palladium slipped 0.3 percent to $969.93.