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Gold reaches $4,339 amid oil and dollar decline
Gold prices rose by approximately 2% to reach $4,339 per ounce, following the U.S. Federal Reserve's decision to raise interest rates for the first time. This move led to a decline in the dollar and oil prices. The market initially overreacted by excessively building positions in anticipation of further rate hikes, but then retracted, resulting in a recovery in gold prices. Analysts also explained that tightening monetary policy aimed at tackling inflation linked to energy prices and logistical shocks might slow economic growth but simultaneously boost demand for gold as a hedge amid geopolitical tensions. The Fed's rate hike was unanimously decided, while the Bank of England kept rates unchanged. Experts expect that the Bank of Japan may raise interest rates to the highest level in 31 years.
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