Riyadh: Gold prices edged slightly lower today, weighed down by inflation concerns that have cast a shadow over the outlook for US monetary policy, while markets await developments in peace negotiations between the United States and Iran. Spot gold fell 0.3 percent to $4,599.45 per ounce, while US gold futures for June delivery declined 0.7 percent to $4,611.40 per ounce. Oil prices retreated but remained above $100 per barrel amid ongoing uncertainty over a potential peace agreement between the United States and Iran.

According to Oman News Agency, the Federal Reserve left interest rates unchanged last week and adopted a hawkish tone that prompted markets to abandon any hopes of a rate cut this year. Among other precious metals, spot silver rose 0.1 percent to $75.38 per ounce, platinum gained 0.2 percent to $1,991.85 per ounce, while palladium dipped 0.3 percent to $1,519.66 per ounce.