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Gold Gains Over 1% Amid Dollar and Oil Drops
Gold prices rose by more than 1% during Thursday’s trading session, supported by a decline in the dollar and a drop in global oil prices. This comes after the U.S. Federal Reserve raised interest rates and indicated the possibility of further hikes in the coming months. Spot gold increased by 1.1% to reach $4,308.57 per ounce, while December gold futures fell by 0.9% to $4,348.10, amid a weakening dollar that has become more expensive for buyers using other currencies. This development occurs in the context of diminishing concerns over energy supply disruptions, with the ongoing monetary tightening policy reducing gold’s appeal as an inflation hedge, even though geopolitical factors continue to support demand.
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