Muscat: Gold prices recovered today from their lowest level in six months, buoyed by short-covering activities, as investors keenly awaited a major US inflation report that could shed further light on interest rate expectations. Gold prices experienced a slight increase, with spot gold rising 0.4 percent to USD 4,089.12 per ounce. This rebound came after the precious metal had dipped to its weakest level since 21 November 2026 at USD 4,022.09. Meanwhile, US gold futures for August delivery saw a decline of 0.5 percent, settling at USD 4,111.10.

According to Oman News Agency, recent data indicated that the US Consumer Price Index accelerated in May at its fastest pace in three years. This surge was attributed to rising energy prices amid the ongoing conflict in the Middle East. The markets are now focused on the upcoming release of the US Producer Price Index for May, which is expected later today. This report is anticipated to provide insights into the future path of American monetary policy.

In addition to the movements in gold prices, other precious metals also saw gains. Spot silver advanced by 0.3 percent, reaching USD 63.86 per ounce. Platinum experienced a 0.6 percent increase, climbing to USD 1,673.75, while palladium saw a notable rise of 2.2 percent, hitting USD 1,239.89.