Muscat: Gold prices edged higher in Asian trading today, supported by a weaker dollar and US economic data that eased expectations of an interest rate hike in September. Spot gold rose 0.3% to $4,388.62 an ounce, while US gold futures for December delivery gained 0.2% to $4,444.30. The US dollar index fell 0.1%, making dollar-denominated gold cheaper for holders of other currencies. Among other precious metals, spot silver rose 0.8% to $65.19 an ounce, while platinum gained 0.4% to $1,755.40 and palladium climbed 1.2% to $1,329.

According to Oman News Agency, the fluctuations in gold prices and the weakening of the dollar have influenced market trends, as investors reacted to the latest economic data from the US. The data has led to speculations that the Federal Reserve may delay its interest rate hike plans, impacting various commodities and currency valuations globally.

The rise in spot gold and futures is attributed to investors seeking refuge in precious metals amid uncertainty about future monetary policies. The decline in the US dollar index has played a crucial role in making gold more attractive to investors using other currencies. Meanwhile, increases in the prices of silver, platinum, and palladium reflect a broader trend of rising interest in precious metals.