Gold Rebounds from Near Six-Week Lows Amid Oil Price Decline

Gold prices rebounded from near six-week lows on Thursday as investors processed the US Federal Reserve's interest rate hike and its signal that further tightening may follow.

The spot gold price rose by 0.8% to $4,295.26 per ounce, while U.S. gold futures for December delivery were down 1.2% to $4,333.90.

Market analyst Kelvin Wong from OANDA attributed the current uptick in gold to technical factors and said that oil prices remain a key factor to watch, noting that if oil prices continue to decline, it could support gold prices moving higher.

The Fed's decision on Wednesday was seen as hawkish, with 16 of 18 policymakers anticipating at least one more quarter-percentage-point hike by the end of this year.