Muscat: Gold prices today fell to their lowest level in nearly a week, pressured by a resurgent dollar, while a sharp spike in energy costs stoked inflation concerns and further eroded expectations of a Federal Reserve interest rate cut this year. Spot gold declined 1.1 percent to $4,694.30 per ounce, its weakest since 7 April 2026, while US gold futures for June delivery dropped 1.4 percent to $4,717.80 per ounce.

According to Oman News Agency, a firmer dollar increased the price of bullion for holders of other currencies, as oil surged above $100 a barrel, reigniting inflationary jitters. Spot gold has now tumbled more than 11 percent since the outbreak of the US-Israeli war on Iran on 28 February 2026.

Among other precious metals, spot silver fell 1.9 percent to $74.45 per ounce, platinum slipped 1.3 percent to $2,019.35 per ounce, while palladium edged up 0.7 percent to $1,531.50 per ounce.