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Gold climbs to $4,339 amid oil and dollar fall
Gold prices worldwide rose by more than 2% to reach approximately $4,339 per ounce following the U.S. Federal Reserve's decision to raise interest rates. This move led to a decline in the dollar and oil prices. Analysts added that markets had initially begun building hedging positions in anticipation of a rate hike, only to reverse those positions after the decision was announced—amid expectations of tightening monetary policy to combat inflation driven by energy prices and supply shocks. This environment has increased the demand for gold as a hedge. The outlook for monetary policy remains cautious, with investors closely watching how these policies will impact economic growth and ongoing inflation.
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