MUSCAT : Spot gold slipped 0.3% to $4,051.48 an ounce, pressured by the dollar’s continued climb following Friday’s upbeat US employment indicators. The stronger dollar, now hovering close to its highest level in almost six months, has reduced investor appetite for the precious metal, making it more expensive for holders of other currencies.
Despite the dip in spot prices, December gold futures edged up 0.7% to $4,049.50 an ounce, reflecting cautious optimism among some traders still looking for potential upside amid global market uncertainty.
The dollar’s strength comes after signs of faster job growth in September, reinforcing expectations that the Federal Reserve may pause its anticipated interest rate cuts in December.
In the wider precious metals market, performance was mixed. Silver fell 0.3% to $49.86 an ounce in spot trade, while platinum gained 1.1% to $1,527.25, and palladium rose 0.7% to $1,384.18 an ounce, supported by supply-side considerations and resilient industrial demand.