Muscat: Gold prices remained largely unchanged today as investors closely monitored ongoing developments in the Middle East. This comes in the wake of US President Donald Trump's decision to cancel a planned military strike on Iran.
According to Oman News Agency, spot gold saw a slight decrease of 0.1 percent, settling at $4,560.39 per ounce. This follows a dip to its lowest level since March 30, 2026, during the previous session. Meanwhile, US gold futures for June delivery experienced a modest rise of 0.1 percent, reaching $4,563.50 per ounce.
In contrast, oil prices experienced a decline of more than two percent, which has contributed to alleviating some concerns about inflation. Gold is often regarded as a safeguard against inflation; however, rising interest rates typically exert pressure on this non-yielding asset.
Other precious metals also saw declines, with spot silver dropping 1.3 percent to $76.63 per ounce, platinum decreasing by 0.5 percent to $1,969.84 per ounce, and palladium falling 1.2 percent to $1,401.74 per ounce.