Gold hits $4,310.49 after Fed hike

The price of gold rose in spot transactions to $4,310.49 per ounce after hitting its lowest level in about six weeks, amid continued effects of the Federal Reserve's decision to raise interest rates and its hints of further tightening in monetary policy. Meanwhile, U.S. gold futures declined by nearly 1% to $4,348.70, due to its decreased appeal as an inflation hedge compared to fixed-income assets, especially with ongoing monetary tightening that harms the precious metal. Additionally, other precious metals such as silver, platinum, and palladium saw increases as markets awaited the Bank of England's monetary policy decision, with expectations that gold may rise mid-term amid falling oil prices and market reactions to some countries’ intentions to expand oil supplies.

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