Gold Prices Surge on Fed Rate Hike and Tightening Signal

Gold prices rose by more than 1% on Friday as investors reacted to the US Federal Reserve's interest rate hike and hints at further policy tightening. This move came after oil prices had briefly rallied, but lost momentum.

The spot gold price reached $4,310.49 per ounce, a 1.1% increase from earlier levels. US gold futures for December delivery declined slightly to $4,348.70, representing a roughly 1% drop.

Silver also saw gains, with the spot price rising by 1.4% to $63.83 per ounce. Platinum firmed up 1.6% to $1,780.55, while palladium climbed 2% to $1,295.00 per ounce.