Gold Prices Rebound Above $4,300 as Dollar Eases

Gold rebounded above $4,300 on Thursday after a Federal Reserve rate hike as the dollar eased. The precious metal's price climbed 1.9% to $4,346.62 per ounce. The Fed had raised interest rates for the first time in over three years, but investors were already pricing in this move.

The central bank's decision was unanimous, with a federal funds rate hike to 3.75%-4.00%. Higher interest rates typically weigh on gold, as they strengthen the dollar and make bullion more expensive for foreign buyers.

However, the decline in oil prices also contributed to the increase in gold prices. Oil slipped for a second straight day amid an easing of supply disruption fears and diplomatic progress between the U.S. and Iran.