Commodities
Gold Rebounds Sharply After Fed Rate Hike, Surges Near 3% in One Day
The price of gold has rebounded sharply after the US Federal Reserve's interest rate hike, rising nearly 3% from its day's low.
Spot gold traded above $4,366 per ounce on Thursday evening, a significant increase from its intraday low of $4,248.
This surge is largely attributed to the easing of oil prices and concerns about supply disruptions in the Middle East.
Vedika Narvekar, Research Analyst at Anand Rathi Share and Stock Brokers, attributes the bounce in gold to a pullback in bond yields following the Fed's rate hike, giving gold 'some breathing room today'.