Gold rises 1% as Fed holds rates

Gold prices climbed by over 1% after the U.S. Federal Reserve decided to keep interest rates unchanged at the 3.50% to 3.75% range, despite opposition from three officials requesting a quarter-point hike. This came after the dollar weakened and Treasury yields rose, supporting gold prices, which had fallen more than 1% in the previous session due to the dollar's rise. Meanwhile, markets experienced heightened tensions in the Middle East, with U.S. forces intercepting Iranian missiles and reports of mutual attacks, leading to a more than 4% increase in oil prices and escalating inflation concerns, which could impact the gold market.

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