Gold Gains Over 1% Amid Rate Hike
Gold prices rose by over 1% today, Thursday, following the U.S. Federal Reserve's decision to increase interest rates and its hints of further monetary tightening. This led investors to expect ongoing price increases, especially amid declining oil prices. The spot price of gold reached approximately $4,310.49 per ounce, while U.S. futures contracts slightly decreased to $4,348.70. The Fed's rate hike is a major factor that reduces gold's appeal as a hedge against inflation. Other precious metals like silver, platinum, and palladium also saw gains. Additionally, oil prices remain influenced by decreased risks to supply.
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