Muscat: Gold prices dipped today, as the US dollar firmed after stronger-than-expected January jobs data dented expectations for near-term interest rate cuts, while investors awaited inflation data on Friday for more monetary policy cues. Spot gold edged 0.3% lower to $5,065.98 per ounce. It closed yesterday with a more than 1% gain. US gold futures for April delivery lost 0.2% to $5,087.30 per ounce. Spot silver fell 0.3% to $83.81 per ounce, after a 4% climb yesterday. Spot platinum shed 0.3% to $2,126.52 per ounce, while palladium rose 1.4% to $1,722.67.

According to Oman News Agency, the dollar strengthened following the release of job data that surpassed expectations, reducing the likelihood of imminent interest rate cuts. This has impacted gold prices, which are inversely related to the strength of the dollar. As investors look ahead, the upcoming inflation data on Friday is expected to provide further insight into potential monetary policy adjustments. The recent movements in precious metal prices, including the decline in gold and silver and the rise in palladium, reflect the market's response to these economic indicators.