Gold gains 1% as bond yields fall

Gold rose today (Thursday) by 1.3% before trimming its gains, following a decline in U.S. Treasury yields that had surged to their highest level since 2024 after the Federal Reserve's decision to raise interest rates by a quarter of a percentage point for the first time since 2023. The drop in bond yields helped support gold, despite continued pressures from a rising dollar and energy prices, with silver increasing by 0.7% to reach $63.4 per ounce. The Federal Reserve announced that the rate hike is aimed at combating inflation exceeding 3% across many products and services, with expectations of additional increases, despite facing pressure from former President Donald Trump's calls for lower interest rates.

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