Muscat: Gold prices today edged higher, holding above the critical $3,600-per-ounce level, buoyed by expectations of a US interest rate cut this month, while key inflation reports due this week were also on investors’ radar. Spot gold was up 0.3% at $3,635.329 per ounce, after hitting a record high of $3,673.95 on Tuesday. US gold futures for December delivery eased 0.2% to $3,673.70.
According to Oman News Agency, spot silver rose 0.3% to $41 per ounce, platinum gained 0.9% to $1,380.74, and palladium was flat at $1,148.57. The movements in precious metals indicate heightened market activity as investors react to potential changes in US monetary policy. The anticipation of a rate cut is seen as a supportive factor for gold, which does not yield interest, as lower rates reduce the opportunity cost of holding non-yielding bullion.