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Gold gains over 1% amid rate hike and falling oil
Gold prices rose by more than 1% today, Thursday, after investors absorbed the decision to raise U.S. interest rates and hints of further tightening monetary policy, alongside a pause in the rally of oil prices. The spot price of gold reached $4,310.49 per ounce, while the December U.S. gold futures declined by about 1%. The market was impacted by concerns over the continued increase in U.S. interest rates, as the Federal Reserve affirmed its intention to raise rates, which diminishes gold's appeal as an inflation hedge. Meanwhile, oil prices dropped due to increased shipments from Saudi Arabia through Oman, reducing fears of supply disruptions. Additionally, other precious metals saw gains, with increases in silver, platinum, and palladium prices.
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