Muscat: Gold prices today eased, as a slightly firmer dollar and optimism over a potential ceasefire between Russia and Ukraine dampened investor demand for safe-haven assets. Spot gold was down 0.5% at $3,213.35 an ounce. US gold futures slipped 0.6% to $3,215.50.

According to Oman News Agency, gold, which is considered a safe asset amid geopolitical and economic uncertainties, has hit multiple record highs this year and is up about 23% so far this year (2025). The recent drop in gold prices aligns with the cautious optimism surrounding the potential resolution of tensions between Russia and Ukraine.

In other precious metals, spot silver fell 0.6% to US$32.17 an ounce, platinum remained steady at US$998.04, and palladium lost 0.3% to US$971.84. These movements in the precious metals market reflect the shifting investor sentiment in response to global geopolitical developments.