Gold Prices Rise as Investors Digest Fed Hike

Gold prices rose on Thursday as investors digested the US Federal Reserve's interest rate hike and its signal that further policy tightening could follow. Spot gold was up 1.2% at $4,314.64 per ounce, while U.S. gold futures for December delivery were down 0.8% to $4,353.90.

The rally in oil prices, which had been a factor supporting gold prices, stalled as Saudi Arabia offered extra crude cargoes through Oman. Kelvin Wong, senior market analyst at OANDA, noted that 'oil prices remain a key factor to watch. If oil prices continue to decline, that could support gold prices moving higher, at least from a medium-term perspective.'