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Gold climbs amid Fed decision and falling oil
Gold prices rose as investors assessed the Federal Reserve's decision to raise interest rates and its indication of the potential for further tightening in monetary policy. Spot gold prices increased by 0.8% to $4,295.26 per ounce after hitting a six-week low, while gold futures declined by 1.2% to $4,333.90. This price increase is mainly driven by technical factors and market sentiment following the Fed’s signals of tightening, whereas oil prices declined due to reports of additional crude shipments from Saudi Arabia through Oman. The ongoing decline in oil may support higher gold prices in the medium term.
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