Gold Defies Rate Hike with Surprising Weekly Gain

Gold prices demonstrated surprising resilience in the face of a US Federal Reserve rate hike for the first time since 2023. Despite the increase, gold futures edged higher on Friday and for the week, defying expectations. The rate hike was accompanied by a signal from the Fed that further tightening is likely by year-end.

Analysts have noted that investors are increasingly looking at alternative stores of value as interest rates rise. However, some experts may disagree with this perspective, but no specific views were mentioned in the source.