Gold rises 1.4% weekly ahead of Fed decision

Gold achieved a weekly increase of 1.4% despite expectations of continued interest rate hikes, supported by buying during dips and declining oil prices, as investors await the U.S. Federal Reserve's decision next week. Spot gold prices rose to $4,073.23 per ounce, while U.S. futures contracts surpassed $4,075.90, amidst ongoing pressure from rising bond yields and expectations of extending interest rate increases. Despite these gains, gold remains approximately 23% lower since the start of the war with Iran and is still viewed as a hedge against inflation, although its appeal has diminished with rising interest rates. The market anticipates the Federal Reserve will keep interest rates steady or raise them by about 80% in September, with oil prices and bond yields continuing to influence gold's trajectory.

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