Muscat: Gold prices today retreated from an all-time peak in the previous session, as investors weighed cautious remarks by US Federal Reserve Chair Jerome Powell on the outlook for interest rate cuts. Spot gold slipped 0.3% to $3,753.22 per ounce, after hitting a record high of $3,790.82 on Tuesday. US gold futures for December delivery declined 0.8% to $3,785.90.

According to Oman News Agency, other precious metals also experienced declines. Spot silver fell 0.7% to $43.72 per ounce, platinum edged down 0.2% to $1,475.78, while palladium eased 0.1% to $1,218.54. These movements reflect the broader market sentiment as investors digest the potential implications of the Federal Reserve’s monetary policy decisions.

Market analysts are closely monitoring the situation as fluctuations in precious metal prices can have significant impacts on various sectors. The recent adjustments in gold and other metals underline the ongoing uncertainty in global financial markets. Investors remain attentive to further communications from the Federal Reserve and other economic indicators that may influence future price trajectories.