MUSCAT : Spot gold rose 0.3 percent to $4,043.62 per ounce, while US gold futures for December delivery gained 0.5 percent to reach $4,051.10.
The recovery followed a sharp decline on Tuesday, when gold prices dropped to $4,017.21 an ounce, pressured by rising inflation in the United States and concerns over tighter monetary policy.
US inflation accelerated in October, exceeding market expectations and prompting speculation that the Federal Reserve could raise interest rates next month.
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Recent statements from Federal Reserve officials have further strengthened expectations of monetary tightening, limiting gold’s recovery.
Meanwhile, other precious metals also recorded gains. Spot silver climbed 1.7 percent to $52.38 an ounce, while palladium rose 1.3 percent to $1,038.38.
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