Muscat: Gold prices posted modest gains today, supported by easing concerns over prolonged disruptions to oil shipments, as investors weighed the economic ramifications of the Middle East conflict ahead of a series of monetary policy decisions slated for this week from major central banks. Gold prices edged higher as spot gold advanced 0.4 percent to USD 5,023.19 per ounce, while US gold futures for April delivery rose 0.5 percent to USD 5,027.20.

According to Oman News Agency, Oil maintained its position above USD 100 per barrel, as the US-Israeli war on Iran has left the Strait of Hormuz largely sealed, stranding tankers for weeks in what has become the most severe disruption to global supplies on record. This blockade has caused significant concerns in the global markets, as the Strait of Hormuz is a crucial chokepoint for oil shipments, and its closure has exacerbated fears of further economic instability.

Investors are carefully monitoring the situation, as the ongoing conflict has the potential to influence central banks' decisions on monetary policy. The market's attention is focused on how these decisions will impact economic conditions and commodity prices in the coming weeks. The uncertainty surrounding the Middle East crisis has underscored the importance of gold as a safe-haven asset during times of geopolitical tension.