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Gold rises 1% after Fed hold
Gold prices rose by over 1% after the U.S. Federal Reserve decided to keep interest rates unchanged at 3.50% to 3.75%, despite some members opposing a hike. This came amid a decline in the U.S. dollar and a pause in the rally of Treasury bond yields, which supported the surge in the precious metal, reaching $4,072 per ounce. Markets are also preparing for upcoming key data on inflation and the labor market. The decision was made in the context of increasing tensions in the Middle East, which led to a more than 4% rise in oil prices, along with growing fears of escalation between Washington and Iran—factors that could weigh on gold prices in the future.
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