Gold gains over 1% amid rate hike and oil drop
Gold prices rose by over 1%, as investors absorbed the decision to raise U.S. interest rates and hints of further monetary tightening measures. Meanwhile, oil prices halted their decline, which had been driven down by reports of additional shipments of oil from Saudi Arabia via Oman, reducing fears of supply disruptions. The spot price of gold reached $4,310.49 per ounce after hitting a six-week low, while U.S. gold futures settled at $4,348.70. The rise in gold is supported by technical factors and expectations of further tightening from the Federal Reserve, although higher interest rates diminish its appeal as an inflation hedge. Additionally, other precious metals like silver, platinum, and palladium also increased between 1.4% and 2%.
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