Muscat: Gold prices rose today as the dollar edged lower, while renewed US-Iran hostilities and upcoming inflation data kept attention firmly fixed on the interest rate outlook. Spot gold gained 0.4 percent to $4,372.19 per ounce, while US gold futures for December delivery slipped 0.5 percent to $4,416.00 per ounce.

According to Oman News Agency, a softer dollar made bullion more affordable for holders of other currencies. Markets are awaiting US producer price index data due tomorrow, followed by consumer price index figures on Friday. These figures are expected to provide further clarity on the inflation trajectory, influencing future interest rate decisions.

Brent crude extended its winning streak to a fourth consecutive session, with higher oil prices likely to add upward pressure on inflation as elevated energy costs ripple through the broader economy. This development is closely watched by market participants as it could impact the broader financial landscape.

In other precious metals, spot silver rose 0.4 percent to $66.00 per ounce, platinum gained 1.0 percent to $1,831.76 per ounce, while palladium eased 0.3 percent to $1,344.69 per ounce. These movements reflect broader trends in the commodities market as investors navigate the current economic environment.