Gold Prices Soar Over 1% Amid Fed Rate Hike

Gold prices rebounded significantly on Thursday, rising over 1% as investors reacted to the US Federal Reserve's interest rate hike. The move was seen as a signal that further policy tightening may follow, leading investors to seek safe-haven assets like gold.

The spot price of gold jumped 1.1% to $4,310.49 per ounce, while US gold futures for December delivery were down roughly 1% to $4,348.70. The earlier rally in oil prices lost momentum, which may have contributed to the decline in futures prices.

Others markets also saw gains, with spot silver rising 1.4% to $63.83 and platinum firming 1.6% to $1,780.55. Palladium climbed 2% to $1,295.00.