Muscat: Gold prices rose today as oil prices eased amid signs of diplomatic efforts to cool tensions in the Middle East, with markets weighing mediation reports against fresh exchanges of attacks. Spot gold climbed 0.5 percent to $4,023.56 per ounce, while US gold futures for August delivery rose 0.3 percent to $4,028.00 per ounce.

According to Oman News Agency, oil prices fell today as markets balanced reports of US-Iran mediation efforts against renewed hostilities between the two sides. The latest escalation drove oil prices on Monday to their highest level in more than a month, increasing calls among policymakers that rate hikes may be needed to combat persistent inflation, setting the stage for a heated debate at the Federal Reserve's upcoming meeting. Higher interest rates raise the opportunity cost of holding non-yielding gold.

Russia's gold reserves stood at 73.4 million ounces, or 2,282 tonnes, as of 1 July, down 1.4 million ounces, or 43.5 tonnes, since the start of the year, the central bank reported. Spot silver rose 0.9 percent to $56.93 per ounce, platinum slipped 0.2 percent to $1,591.22 per ounce, and palladium edged up 0.3 percent to $1,256.68 per ounce.