Commodities
Fed Rate Hike Spurs Gold Rally as Oil Prices Dip
Gold prices have extended their recovery at the end of a volatile week, as oil prices fall and traders weigh the Federal Reserve's rate path after its first hike since 2023.
The precious metal is trading around $4,350 an ounce, with bullion rising 0.3% to $4,355.90 an ounce at 11:21 a.m. in New York.
Oil's decline is alleviating concerns over inflation, which had been reinforced by higher energy prices and bets on interest rates staying elevated for longer, a negative factor for non-yielding bullion.
The Saudi Arabia government has moved to restore flows along its crucial East-West pipeline within days, lifting the metal above the 100-day moving average.