Muscat: Gold prices slipped today as market participants focused on US-Russia talks on the war in Ukraine, and July inflation data that could offer more insight into the Federal Reserve's interest rate outlook. Spot gold was down 0.6% at $3,378.49 per ounce, after hitting its highest since July 23 on Friday. US gold futures for December delivery dropped 1.4% to $3,441.20.

According to Oman News Agency, while gold prices experienced a decline, other precious metals also faced fluctuations. Spot silver fell 0.5% to $38.13 per ounce, and platinum XPT= slipped 1.1% to $1,317.90. However, palladium showed a slight increase, gaining 0.1% to $1,127.37.

Market analysts are closely watching the ongoing discussions between the United States and Russia, as these talks could significantly influence geopolitical stability and, consequently, impact market dynamics. Additionally, investors are eagerly awaiting the release of July's inflation data, which could provide further clarity on the Federal Reserve's monetary policy direction, potentially affecting interest rates and the broader market sentiment.