Commodities
Gold Prices Soar as Oil Rally Eases Amid Hawkish Fed Bets
The price of gold has surged by 1.15% to around $4,320 during the European trading session on Thursday.
This increase comes as oil prices have cooled down after Saudi Arabia mulls alternatives to ship energy products, according to a Times of India report.
According to strategists at Deutsche Bank, the recent interest rate hike by the Federal Reserve has triggered a notable shift along the front end of the US curve, with money markets now fully factoring in further Fed tightening.
The Fed's dot plot signaled that 16 out of 18 policymakers see at least one more interest rate hike this year, while its latest move has triggered a notable shift along the front end of the US curve.