Muscat: Gold prices today edged lower as softening trade tension between the US and China weakened safe-haven demand, while markets eyed another set of inflation data to assess the Federal Reserve’s policy path. Gold prices saw a slight decline in market value as the geopolitical landscape between the two economic giants showed signs of calming, leading investors to shift their focus towards forthcoming inflation figures.

According to Oman News Agency, spot gold fell 0.1% to $3,246.21 an ounce. This minor dip in the value of gold reflects the current market sentiment, where reduced trade anxieties are lessening the appeal of gold as a secure investment. In contrast, US gold futures showed a minimal increase of 0.1%, reaching $3,250.50, indicating a diverse reaction within the gold market.

Meanwhile, the impact of these developments was also felt in other precious metals. Spot silver eased 0.3% to $32.80 an ounce, showcasing a similar downward trend. Platinum experienced a 0.1% decline, settling at $987.55, while palladium saw a more significant drop of 0.8%, landing at $949.26. These shifts highlight how changes in international trade relations influence the broader precious metals market.