Commodities
Gold Prices Surge Amid US Interest Rate Hike Decision
Gold prices surged more than 1% on Thursday as investors digested the U.S. interest rate hike decision and signals of further monetary tightening.
The spot gold price rose to $4,310.49 per ounce by 01:49 GMT, recovering from a nearly six-week low hit on Wednesday.
Kelvin Wong, a senior market analyst at OANDA, attributed the current rise in gold prices to technical factors, as the market has already priced in the Federal Reserve's signals regarding further monetary tightening.
Oil prices remain a key factor to watch, according to Wong. If oil prices continue to fall, it could support a rise in gold prices from a medium-term perspective.