Muscat: Gold firmed today after touching a historic milestone last week, as geopolitical tensions, jitters about tariffs escalating trade frictions, and increased hopes of interest rate cuts from the Federal Reserve continued to fuel safe-haven demand. Spot gold rose 0.1% to $2,986.53 an ounce. Bullion rose above the $3,000/oz milestone to notch a record high at $3,004.86 on Friday. US gold futures eased 0.2% to $2,994.60. Gold, a hedge against political risks and inflation, has gained around 14% so far in 2025. Spot silver shed 0.1% to $33.76 an ounce, platinum added 0.1% to $994.50, and palladium eased 0.1% to $963.83.
According to Oman News Agency, the recent fluctuations in precious metals are primarily driven by ongoing geopolitical tensions and economic concerns that have led investors to seek refuge in gold. The increased anticipation of interest rate cuts by the Federal Reserve has further bolstered the demand for gold, contributing to its upward trajectory. As gold continues to be perceived as a stable investment during uncertain times, its value remains influenced by the global economic climate and political developments.
